Market overview:
Highest price in 24 hours: $163.57
Lowest price in 24 hours: $154.00
24-hour trading volume: 19.61M SOL
A limited rebound attempt amidst a downward trend and weak technical structure
June 4, 2025 | 9:39 AM
Currently trading at $156.20, down -1.66% over 24 hours, after a limited rebound from the last bottom of 150.48. The price is still under the influence of a medium-term downward wave, despite attempts to hold above 154, but the lack of clear upward momentum prevents the formation of a stable positive trend.
• Analysis and Forecasts
Since the price recorded a peak of 187.67, it has entered a clear downward channel, with consecutive breaks of supports and the formation of lower highs and lows.
The last bottom at 150.48 formed a temporary stop point, followed by a weak rebound towards 158 and then a quick rejection. This behavior indicates continued selling pressure and the absence of real buying interest so far.
Formation of overlapping candles with average volume supports the scenario of slow distribution. The current wave seems just a temporary pullback within a major downward trend.
Unless 158.40 is broken with a strong effective close, the chances of decline remain. Breaking the 154 level again could activate a new downward wave targeting 150 then 148. A sell entry in this area remains likely at any new rebound weakness.
Resistance:
158.43 (failed rebound peak)
163.57 (24-hour peak and important unbroken resistance)
Support:
154.00 (today's support and key to continuing the downward trend)
150.48 (major local bottom)
The recent movement shows a limited rebound within a clear downward trend, with weakness in momentum and the absence of any significant breakouts. Trading below 158 keeps the market in a corrective downward range, and confirming a break below 154 will enhance the chances of continued decline. The technical structure does not support buying at the moment, and seasoned traders are waiting for a failed retest of resistances as a trigger for a calculated sell.
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