SOL Market Depth Analysis: Struggles on the Edge of a Cliff and Hopes for a Rebound

Dear investors, SOL is currently at a critical crossroads, the situation is severe yet holds hidden vitality. On June 21, the SOL price officially fell below the key support level of 140 dollars and formed a classic bearish head-and-shoulders pattern, which is undoubtedly a clear bearish signal for technical analysts, indicating that the market may soon be dominated by bears.

Short-term Downward Risks and Support Levels

From a short-term trend perspective, SOL's downward target has already become clear. The initial support level is at 110 dollars, while the more critical pattern target is 93 dollars. Despite the bulls attempting to initiate a rebound in the past few days, the 20-day moving average (147 dollars) stands like a mountain in front, and bears are likely to exert strong pressure here, pushing the price down again. If the rebound fails, SOL may quickly revisit the 110-dollar support level or even directly drop to the target level of 93 dollars, without mercy.

Hopes for a Rebound and Key Resistance Levels

However, amidst this seemingly desperate situation, there is still a glimmer of hope for a rebound. If SOL can strongly break through and stabilize above the 20-day moving average, it would indicate that bottom buying is quite strong, and market sentiment may shift accordingly. At that time, the price is expected to challenge the 50-day moving average (159 dollars), but it should be noted that bears are likely to launch a second attack here, leading to fierce competition between bulls and bears.

4-Hour Chart Technical Analysis

From the 4-hour chart perspective, the moving averages are currently trending downward, and bears still control the market rhythm. However, the RSI indicator is nearing the oversold area, which may provide a slight opportunity for a short-term rebound. If the price rebounds to 140 dollars and is pushed back down again, bears will regain strength, driving the price further down. Only when the price successfully rises above the 50-day moving average can it be considered a true rebound signal, with the possibility of continuing to challenge resistance levels of 149 dollars and even 158 dollars.