Oct 8, 20:00. $SOL just broke down out of a bearish flag on both the 1h and 2h charts.
The backdrop: SOL topped around 118–122 on Oct 5, then a big red candle dumped straight through 118 on Oct 7. It chopped between 115 and 117 for two days, failing repeatedly around 116.5–117, and tonight volume finally pushed through 113. Entry zone sits right at 113.15, risk reward roughly 1:2.7 on both timeframes.
The thing that keeps me honest here: taker buys printed 55.8% on the breakdown candle. There are real dip buyers sitting at the break, so expect a fight around the first target near 109.
The kill switch is clean: a move back above 116.8–117.3 and this breakdown call is dead.
Not financial advice.
#SOL #PriceAction #Breakdown
The backdrop: SOL topped around 118–122 on Oct 5, then a big red candle dumped straight through 118 on Oct 7. It chopped between 115 and 117 for two days, failing repeatedly around 116.5–117, and tonight volume finally pushed through 113. Entry zone sits right at 113.15, risk reward roughly 1:2.7 on both timeframes.
The thing that keeps me honest here: taker buys printed 55.8% on the breakdown candle. There are real dip buyers sitting at the break, so expect a fight around the first target near 109.
The kill switch is clean: a move back above 116.8–117.3 and this breakdown call is dead.
Not financial advice.
#SOL #PriceAction #Breakdown