Solana is moving in a way that should make everyone very nervous right now.
Is this the final shakeout or are we just getting started with the bleed?
The chart for $SOL is looking pretty heavy after that rejection at 82.25. We’re currently sitting at 78.60, and that last hour candle was a straight elevator ride down. It’s wiping out a lot of the consolidation we saw earlier in the day.
We are flirting with the 24h low of 77.51. If the bulls don't wake up and defend this zone, there isn't much keeping us from sliding into the mid 70s. Volume is spiking on the red side, which usually means the sellers are in control for the moment.
I'm keeping a close eye on the order book. There's a bit of a wall at 78.50, but if that cracks, it's going to be a fast move down. I'd rather wait for a double bottom to form than try to catch this falling knife.
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