Solana has been trading in a bearish trend fever since we were unable to beat the previous local high at $210. Three attempt were made, and failed, which is now resulting in much lower prices as bears dominate the selling pressure.
The ideal buy back zone identified on SOL is around the previous neckline support, but it's unlikely that we will see a straight drop down. Usually, the previous two wicks will be tested ( currently at $110 - $120).
When we do get to these zones, in order to consider that this may be THE bounce we would need to see the price of the 4h timeframe close above the 200d moving averages. That will be the first sign to look out for in order to consider a "real" reversal.
This will naturally depend mostly on what BITCOIN does:
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.