If SOL can’t break up, then it’s weak. In the short term, I’m looking for a drop to 119.4.
This market with $SOL is really frustrating to watch. The 4-hour candle closed at 119.62, down 0.14%. The high only managed to tag 120.07 before being slammed back down. The most fatal part is volume—over the most recent four hours, the transaction volume in the last two hours is down by almost 10% compared with the first two hours. Any rebound without volume is just a paper tiger.
On the technical side, the last four 15-minute candlesticks have been moving like an ECG: highs at 119.73, 119.80, 119.79, and 119.72—each time it fails to break through. The close even slid lower to 119.62. 119.8 is the wall right in front of it; if it can’t get past, then it can’t get past.
On the news front, CoinDesk said that in the September crypto hiring, Solana is one of the most commonly requested blockchain skills. The story is a good one, but the chart isn’t buying it. Great narrative, no money—so in the short term it’s just exhausting to trade.
My view is very direct: as long as it can’t hold above 119.8, the bears have the upper hand. First target is 119.4. If it can regain and hold above 120.1, then I’ll admit I’m wrong and withdraw my bearish view.
At this level, chasing longs has poor value. Let it choose its direction on its own.
This market with $SOL is really frustrating to watch. The 4-hour candle closed at 119.62, down 0.14%. The high only managed to tag 120.07 before being slammed back down. The most fatal part is volume—over the most recent four hours, the transaction volume in the last two hours is down by almost 10% compared with the first two hours. Any rebound without volume is just a paper tiger.
On the technical side, the last four 15-minute candlesticks have been moving like an ECG: highs at 119.73, 119.80, 119.79, and 119.72—each time it fails to break through. The close even slid lower to 119.62. 119.8 is the wall right in front of it; if it can’t get past, then it can’t get past.
On the news front, CoinDesk said that in the September crypto hiring, Solana is one of the most commonly requested blockchain skills. The story is a good one, but the chart isn’t buying it. Great narrative, no money—so in the short term it’s just exhausting to trade.
My view is very direct: as long as it can’t hold above 119.8, the bears have the upper hand. First target is 119.4. If it can regain and hold above 120.1, then I’ll admit I’m wrong and withdraw my bearish view.
At this level, chasing longs has poor value. Let it choose its direction on its own.
