SOL spikes up then falls back; next, will it break below the 91 support or break above 103?
After SOL broke above the 98 resistance level on August 22 on heavy volume, it then fell sharply, suggesting there is heavy selling pressure overhead.
Yesterday, the price tested the previous high of 102 and even briefly reached 103, but then quickly dropped and ultimately closed below 98.
This time the spike-and-retrace signal is relatively weak—it's more like a second attempt to probe the high point. The good news is that during the pullback there was no increase in volume, so for now there hasn’t been a surge of large sell orders.
In the short term, SOL is likely to trade in a range between the 91 support and the 103 resistance, consolidating.
Next, it depends on which direction it chooses:
If it breaks below 91, this leg of the uptrend structure is damaged; only with a valid breakout above 103 can it move higher and continue pushing toward around 118
$SOL #韩国KOSPI涨近1% #solana
After SOL broke above the 98 resistance level on August 22 on heavy volume, it then fell sharply, suggesting there is heavy selling pressure overhead.
Yesterday, the price tested the previous high of 102 and even briefly reached 103, but then quickly dropped and ultimately closed below 98.
This time the spike-and-retrace signal is relatively weak—it's more like a second attempt to probe the high point. The good news is that during the pullback there was no increase in volume, so for now there hasn’t been a surge of large sell orders.
In the short term, SOL is likely to trade in a range between the 91 support and the 103 resistance, consolidating.
Next, it depends on which direction it chooses:
If it breaks below 91, this leg of the uptrend structure is damaged; only with a valid breakout above 103 can it move higher and continue pushing toward around 118
$SOL #韩国KOSPI涨近1% #solana