$SOL UPDATE: DON’T FOMO INTO THIS BOUNCE! 🚨
$SOL has pushed back toward the $100 area, but before jumping into a spot buy, take a closer look at the current market structure. 👀
📊 TECHNICAL VIEW
🔹 Wave (B) Bounce:
The recovery from $96.83 is currently testing the key Fibonacci zone around $100.28–$101.32 (0.5–0.618 retracement).
🔹 Resistance Still Active:
The descending channel trendline and overhead supply remain major obstacles for the bulls.
🔹 Key Invalidation:
As long as SOL stays below $106.93, the bearish wave structure remains in play, with lower demand zones still possible.
💡 SPOT TRADING PLAN
❌ Avoid chasing $SOL around $100–$101 — this area offers limited risk-to-reward.
🟢 Discount Entry:
Watch the $89.75–$86.73 demand zone if the Wave (C)/(5) correction develops.
🚀 Breakout Entry:
A confirmed 4H candle close above $107.50 could provide stronger evidence that the bearish structure is losing control.
🛡️ Patience > FOMO. Let price confirm the direction before committing capital.
#Solana #SOL #TechnicalAnalysis #ElliottWave #BinanceSquare
$SOL has pushed back toward the $100 area, but before jumping into a spot buy, take a closer look at the current market structure. 👀
📊 TECHNICAL VIEW
🔹 Wave (B) Bounce:
The recovery from $96.83 is currently testing the key Fibonacci zone around $100.28–$101.32 (0.5–0.618 retracement).
🔹 Resistance Still Active:
The descending channel trendline and overhead supply remain major obstacles for the bulls.
🔹 Key Invalidation:
As long as SOL stays below $106.93, the bearish wave structure remains in play, with lower demand zones still possible.
💡 SPOT TRADING PLAN
❌ Avoid chasing $SOL around $100–$101 — this area offers limited risk-to-reward.
🟢 Discount Entry:
Watch the $89.75–$86.73 demand zone if the Wave (C)/(5) correction develops.
🚀 Breakout Entry:
A confirmed 4H candle close above $107.50 could provide stronger evidence that the bearish structure is losing control.
🛡️ Patience > FOMO. Let price confirm the direction before committing capital.
#Solana #SOL #TechnicalAnalysis #ElliottWave #BinanceSquare
