Support Zone Retest – Is This the Bounce Bulls Are Waiting For?
Solana ($SOL) has just pulled back into a major demand zone, hovering around $167–$168. This zone has acted as a strong support region multiple times in recent trading sessions, making it a critical level to watch. The recent candle wicks show signs of rejection from lower levels, hinting at a possible reversal as buyers step in to defend this level once more.
Price Structure Favors Recovery
Looking at the 1-hour chart, we can observe a clean structure of lower highs and consistent support at the blue zone. This horizontal support has been tested and respected, creating an ideal environment for a potential bounce. The pattern suggests accumulation, and if SOL manages to push above the minor resistance at $170–$172, we could witness the beginning of a breakout rally.
Volume and Momentum Outlook
Volume remains steady, though not overly aggressive, indicating that buyers may still be loading up gradually. A sudden spike in volume from the current zone would strongly support the case for a breakout. Momentum indicators are also showing early signs of bullish divergence, another signal that the downward move might be losing steam.
Targets and Risk Management
If the support holds, we’re eyeing targets at $176, $180, and $183.05 respectively — each level aligning with recent swing highs and key resistance zones. A logical stop-loss sits below $162.50, just under the demand zone to protect against downside invalidation. This setup offers a high reward-to-risk ratio, especially if broader market sentiment improves.
Final Thoughts
Solana is at a make-or-break level. If bulls can reclaim control from here, the path to $183+ is open with relatively minimal resistance. Traders should closely watch for confirmation through a strong bullish candle or a breakout above intraday resistance. With the crypto market stabilizing, $SOL may be one of the first movers in a potential altcoin recovery.
$SOL Trade Setup
Entry: $167.80 – $168.10
TP1: $176.00
TP2: $180.00
TP3: $183.05
Stop-Loss: $162.50