$SOL Price is pushing higher without volume; there’s selling pressure all above 119. I’m bearish in the short term.
Guys, I just took a look at SOL’s chart, and something feels off. It’s up just 0.32% over four hours, but look closely at the last four 15-minute candles in the past hour: the highs were 119.01, 119.02, 118.96, and 118.9—getting pushed lower each time. The lows were 118.79, 118.74, 118.74, and 118.56, also slipping lower. The closes were 119.0, 118.75, 118.91, and 118.63. The bulls can’t even hold above 119.
More importantly, look at volume. Over the past four hours, total volume in the last two hours was down 38% compared with the previous two. Price is moving sideways near the highs, but volume has dried up. That’s not accumulation—it means there’s nobody stepping in to keep the rally going.
The news is interesting, too. Raoul Pal said that a pause in AI stocks’ rally could send money flowing back into crypto, and also mentioned Solana’s adoption prospects. The Solana Foundation has also introduced a DvP settlement solution aimed at enabling near-instant settlement for institutions. The stories all sound good, but the market isn’t buying it: when positive news fails to push the price higher, it’s often a sign of a short-term top.
My short-term view is straightforward: 118.5 is the key level; a break below it could accelerate the drop. 119.1 is resistance above. As long as price can’t reclaim and hold that level, every bounce is an opportunity for bears. First downside target is 117.9, around today’s four-hour low.
If price reclaims and holds above 119.1, then I’m wrong and I’ll drop my short-term bearish view. But until then, at $SOL , I’m leaning bearish.
This isn’t investment advice. Manage your own position size.
Guys, I just took a look at SOL’s chart, and something feels off. It’s up just 0.32% over four hours, but look closely at the last four 15-minute candles in the past hour: the highs were 119.01, 119.02, 118.96, and 118.9—getting pushed lower each time. The lows were 118.79, 118.74, 118.74, and 118.56, also slipping lower. The closes were 119.0, 118.75, 118.91, and 118.63. The bulls can’t even hold above 119.
More importantly, look at volume. Over the past four hours, total volume in the last two hours was down 38% compared with the previous two. Price is moving sideways near the highs, but volume has dried up. That’s not accumulation—it means there’s nobody stepping in to keep the rally going.
The news is interesting, too. Raoul Pal said that a pause in AI stocks’ rally could send money flowing back into crypto, and also mentioned Solana’s adoption prospects. The Solana Foundation has also introduced a DvP settlement solution aimed at enabling near-instant settlement for institutions. The stories all sound good, but the market isn’t buying it: when positive news fails to push the price higher, it’s often a sign of a short-term top.
My short-term view is straightforward: 118.5 is the key level; a break below it could accelerate the drop. 119.1 is resistance above. As long as price can’t reclaim and hold that level, every bounce is an opportunity for bears. First downside target is 117.9, around today’s four-hour low.
If price reclaims and holds above 119.1, then I’m wrong and I’ll drop my short-term bearish view. But until then, at $SOL , I’m leaning bearish.
This isn’t investment advice. Manage your own position size.
