Usman Salis
⬤ Solana has cooled off after its recent push higher, sliding back into what technical analysts call the "optimal trade entry" zone. After following through on the projected upward move shown in red arrows on intraday charts, SOL is now consolidating as traders wait to see if it can establish a solid local bottom in this area.
⬤ The price action shows SOL retreating from highs near $145,000 and settling into a Fibonacci retracement zone that stretches between the 0.618 level at roughly $128,991 and the 0.786 level around $123,599. This range is being watched closely as a potential support area where buyers might step in to defend the structure and prevent further downside..
⬤ Charts suggest SOL might trade sideways for a bit, possibly dipping below recent lows to grab liquidity before forming a higher low. If that plays out, the projected path points toward a move back up to fill an overhead gap area. There's no specific timeline attached to this scenario—it's all about watching how price reacts within this current zone.
⬤ This matters because it frames the current pullback as part of a larger continuation pattern rather than a breakdown. How Solana handles this $124K-$129K support zone could set the tone for short-term sentiment across the broader altcoin market. A clean base here could pave the way toward that gap fill, but if support fails, we're likely looking at a deeper correction before any meaningful recovery can take hold.
Usman Salis
