🔍SOL Breaks Down From Local High, Forming a Range Bound Base
Market Structure 🧠
SOL topped near $91.26 and faced a sharp rejection, leading to a lower high and pullback toward the $82.5–$83.0 demand zone. Price is now consolidating between support and resistance, suggesting range-bound accumulation after a corrective move. The structure remains neutral-to-bullish as long as higher support holds.
Key Levels 🎯
Resistance: $88.8 – $91.3 (supply & previous rejection zone)
Intermediate Resistance: $86.5 – $87.2
Support: $82.5 – $83.0 (major demand & bounce zone)
Lower Support: $79.0 – $80.0 (structure invalidation level)
Volume Analysis 📈
Volume spiked during the impulsive move to $91, followed by declining volume during the pullback, indicating selling exhaustion rather than strong distribution. Current low-volume consolidation hints at potential base formation before the next directional move.
Outlook 🔮
Above $82.5, SOL may attempt a range breakout toward $88–$91. A strong close above $87 could trigger bullish continuation, while a breakdown below $82 may open downside toward $79.
Bias: Neutral → Bullish
Market State: Consolidation after correction 🟡