SOL | Descending Trendline Retest – Possible Pullback Toward Dem
Solana (SOL) is currently trading under a strong descending trendline on the 1H timeframe.
Price has made a minor recovery and is retesting the trendline from below, indicating a potential lower-high formation.
Key Observations
Price is respecting a clear downtrend structure.
Currently near a trendline + minor resistance confluence, indicating possible rejection.
A major demand zone lies between 128 – 127, where buyers have previously reacted.
If the trendline rejection holds, price may continue downward.
Bearish Scenario
If SOL rejects from the trendline,
→ Expect a move back into 128–127 demand zone.
A breakdown below this zone may extend the drop toward 120–118 deeper demand.
Bullish Invalidations
A clean breakout and retest above 138.26 would shift momentum bullish
→ Possible reversal toward 144–147 supply area.
Trading Plan (Not financial advice)
Wait for confirmation on trendline rejection before entering.
Target 1: 128
Target 2: 120–118 zone
Invalidation: Break & close above 138.26 (trend reversal zone)
Price has made a minor recovery and is retesting the trendline from below, indicating a potential lower-high formation.
Key Observations
Price is respecting a clear downtrend structure.
Currently near a trendline + minor resistance confluence, indicating possible rejection.
A major demand zone lies between 128 – 127, where buyers have previously reacted.
If the trendline rejection holds, price may continue downward.
Bearish Scenario
If SOL rejects from the trendline,
→ Expect a move back into 128–127 demand zone.
A breakdown below this zone may extend the drop toward 120–118 deeper demand.
Bullish Invalidations
A clean breakout and retest above 138.26 would shift momentum bullish
→ Possible reversal toward 144–147 supply area.
Trading Plan (Not financial advice)
Wait for confirmation on trendline rejection before entering.
Target 1: 128
Target 2: 120–118 zone
Invalidation: Break & close above 138.26 (trend reversal zone)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.