Solana (SOL) Technical Analysis & Trade Setup — May Update
Solana continues to face strong selling pressure, currently testing critical support near $143. The market has failed to show bullish strength at key micro-support zones, hinting at possible continuation lower unless bulls step in soon.
Current Structure
Solana is struggling below the 78.6% Fibonacci retracement level.
Key decision zone: $140.60 — a break below this level invalidates the immediate bullish scenario (yellow count).
As of now, pressure remains to the downside, and the probability of another lower low is high unless bulls reclaim key levels.
Trade Setup
🔴 Short Position (High Probability)
Entry: On breakdown and retest below $140.60
Targets:
$137.91 (First support)
$134.38
$132.27
$128.86 (Major Fibonacci confluence zone)
Stop Loss: Above $147.70 (Last swing high and structure invalidation)
🟢 Long Position (Low Probability but Aggressive)
Entry: On confirmed break and close above $147.70
Targets:
$153.00
$158.00 (Previous resistance zone)
Stop Loss: Below $140.00
Key Levels to Watch
Breakdown Zone: $140.60
Bullish Trigger: $147.70
Support Zone Below: $138 - $128.80 (Fibonacci extension cluster)
Bias:
Currently bearish until bulls reclaim $147.70. Watching for potential entries on breakdown retest or confirmed bullish reversal.
Stay cautious as Solana remains in a short-term downtrend. Monitor broader market sentiment — especially Bitcoin and stock indices — as added selling pressure there could accelerate Solana's move lower.
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