Learn to read the price action and you will hardly be surprised by the price movements.

As we can see $SOL took liquidity from the previous maximum and was pushed up bringing the price into price discovery.

From here the price approached an important zone for two reasons:

- the price approached an important Fibonacci level (projection level 1)

- the price approached the psychological level of $300.

Levels like these are hardly broken upwards immediately on the first try.

The market needs to raise as much liquidity as possible to push the price over psychological thresholds.

That's why there was a downward resorption.

All long pending orders have been taken and closed by collecting the liquidity that the market will need to raise the price above the $300 threshold.