On the 1M timeframe, Solana peaked near $295.83 during its euphoric phase. Since then, the market structure has shifted clearly.
📈 Phase 1: Expansion
Strong impulsive rally → vertical breakout → momentum peaked at $295.
📉 Phase 2: Distribution
Multiple upper wicks at the highs indicate heavy selling pressure. Smart money was likely offloading into strength.
🔻 Phase 3: Markdown
Consecutive red monthly candles are forming. Lower highs and lower lows confirm a bearish macro structure.
💰 Current Price: ~$80
This is a historically significant zone.
Key levels to watch:
Support holds → Potential accumulation and formation of a long-term base.
Support breaks → Next liquidity pocket could be significantly lower.
Monthly charts don’t lie — this is a time where patience can pay off. Are we building a base, or preparing for another leg down? 👀