📊 Trading Priorities:
• Direction: Short, watching for a rebound into the 105.80 resistance area and signs of renewed selling
• Goal: 100.00 first, followed by 94.50 and potentially 85.00
• Cancel: Price moving above 114.40
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Resistance levels: 105.80, 114.40
Support levels: 100.00, 94.50, 85.00
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SOL remains inside a descending channel, with lower highs keeping the technical advantage on the sellers’ side. The current rebound is approaching an important intersection: horizontal resistance at 105.80, the channel’s upper boundary and the nearby volume-profile POC. Together, these make the recovery worth watching for a potential short opportunity.
My preferred scenario is a rebound into this resistance area followed by renewed selling. 100.00 remains the first support to overcome before a continuation toward 94.50 becomes more convincing. The lower target at 85.00 would require a broader extension of the decline. A sustained recovery above the resistance cluster would weaken the immediate bearish case.
Today’s Fed decision and press conference could disrupt this structure in either direction. A message favouring restrictive policy for longer could support the dollar and Treasury yields, potentially weighing on crypto risk appetite, including SOL. A softer message could instead strengthen the rebound. I’ll be watching whether sellers regain control at resistance after the initial volatility, rather than treating the first spike as confirmation.
❗ This setup is for educational purposes and outlines a potential trading plan. A trade may follow if the conditions develop. This is not financial advice. Trading carries risk, so please protect your capital and manage your own risk!
