Peter Smith
⬤ Solana (SOL) is showing signs of life after getting hammered, bouncing from a demand zone sitting around $127–$129. This level has pulled in buyers after the recent drop, making it the zone to watch for what comes next.
⬤ The chart tells a clear story—consolidation, then a strong push higher, followed by a correction that brought everything back down. After failing to hold the gains, Solana dropped fast and landed right in this demand zone. The bounce so far has been careful, not explosive, which suggests traders are taking their time after the selloff.
⬤ From a technical standpoint, SOL is at a turning point. If it stays above $127–$129, there's a shot at climbing back toward $133–$136, where previous resistance sits. Breaking into that range would show things are improving in the short term. But if support breaks, there's not much underneath to stop further losses.
⬤ This matters beyond just Solana—it often reflects what's happening with risk appetite across altcoins. How SOL handles this support zone could set the tone for near-term trading after this sharp correction.
Peter Smith
