Solana is currently reacting to a major supply zone around $174 – $176, with signs of price exhaustion at the top.
Key Technical Zones:
Supply Zone: $173.44 – $176 (previous distribution zone)
First Support: $139.56 (prior breakout level)
Major Demand Zone: $103.29 – $116.41 (confluence of structure and demand imbalance)
Market Context:
Price formed a consolidation block below the supply before a fakeout.
The recent wick rejections indicate strong seller presence.
Upcoming U.S. economic data releases (marked with icons) could be the catalyst for volatility.
Trade Idea:
Bearish bias short-term if SOL fails to close above $176 with volume.
Short setup: Look for bearish confirmation and target $139.56 first, then $116.
Long re-entry zone: Consider buying only around $116–$103 zone, where institutional demand is likely.
Watch For:
Momentum shifts on the 1H/4H.
Strong red candle closure below $173.
Volatility spikes around upcoming news events.
Are you bearish or bullish on SOL this week? Drop your view below!
Key Technical Zones:
Supply Zone: $173.44 – $176 (previous distribution zone)
First Support: $139.56 (prior breakout level)
Major Demand Zone: $103.29 – $116.41 (confluence of structure and demand imbalance)
Market Context:
Price formed a consolidation block below the supply before a fakeout.
The recent wick rejections indicate strong seller presence.
Upcoming U.S. economic data releases (marked with icons) could be the catalyst for volatility.
Trade Idea:
Bearish bias short-term if SOL fails to close above $176 with volume.
Short setup: Look for bearish confirmation and target $139.56 first, then $116.
Long re-entry zone: Consider buying only around $116–$103 zone, where institutional demand is likely.
Watch For:
Momentum shifts on the 1H/4H.
Strong red candle closure below $173.
Volatility spikes around upcoming news events.
Are you bearish or bullish on SOL this week? Drop your view below!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.