Peter Smith
⬤ Solana's price has slipped into a well-defined demand zone after a lengthy downtrend on the four-hour chart. SOL dropped from around $130 and recently touched support near $115. This demand area could be crucial – if it holds, there's a real chance for a relief rally after the recent sell-off.
⬤ The bigger picture shows how we got here. Earlier, SOL saw some bullish momentum and formed a double bottom, but that eventually fizzled out into consolidation. When that consolidation broke down, the price entered a clear downtrend with lower highs and lower lows stacking up. Bears were in full control until SOL reached this current support zone.
⬤ Recent candles suggest the selling might be losing steam as SOL hangs around this support level. There's been an attempted bounce from the demand zone, which hints that sellers aren't as aggressive as before. The overall structure is still bearish, but the fact that SOL hasn't crashed through this support is encouraging for anyone hoping for a short-term bounce.
⬤ Solana often acts as a bellwether for the broader altcoin market. When SOL reacts at major support or resistance zones, it tends to influence sentiment and volatility across crypto. If this $115 area holds, it could help calm things down after the recent drop. But if SOL breaks below this level, it would confirm that the downtrend is still very much alive and kicking.
Peter Smith
