Peter Smith
⬤ Solana is knocking on the door of a well-defined resistance area following its recovery from recent lows. The chart shows SOL/USD bouncing back and now pressing directly against a horizontal barrier near current prices.
⬤ Recent price action reveals a solid upward push followed by sideways movement right beneath resistance. Several candles are clustered just below this marked level, making it the key decision point for what happens next.
⬤ If SOL manages to push through this resistance, it would likely kick off the next leg higher. Right now, this level is acting as the gatekeeper between the current recovery phase and a potential new impulse move.
⬤ What makes this zone particularly interesting is that price is testing it right after a sharp bounce. How SOL behaves around this resistance will determine whether we're looking at just a recovery or the beginning of something bigger.
Peter Smith
