My overall bias for Solana is bullish based on its fundamentals. I am a solana investor so I have been accumulating Sol and staking them. I think the price will eventually move up but at this stage I don't see anything bullish in the Solana chart. It is certainly not the buy the dip moment because I can see the price can go much lower from here. (and I can be gladly wrong on this!).
Bearish setups I see in the chart:
1) The $140.50 zone had been working as a support line since April 2025 (red horizontal line in the chart), but the price decisively broke and closed below the zone on Friday.
2) The price has been trapped in the descending parallel channel since early May. Now the price broke below the support line, it might drop further to touch the bottom parallel channel.
3) There is an unmitigated fair value gap (not very strong one) around $125-6 area and the area also was working as a strong support line for several months last year (see blue horizontal line in the chart)
4) There is a large order block at $104 zone. If the downside move is aggressive, it can wick down to this level.
5) The price is below all EMAs.6) EMA 9<14<21<55<200 - Bearish
7) MACD and RSI are deep in the bear zone and they are pointing to the downside.
8) There is a big fair value gap in the weekly chart in the $95 area.
I don't like to go short on the asset I am fundamentally bullish on, so I will just stay on the sideline and observe how the price will unfold in the next few months.
Bearish setups I see in the chart:
1) The $140.50 zone had been working as a support line since April 2025 (red horizontal line in the chart), but the price decisively broke and closed below the zone on Friday.
2) The price has been trapped in the descending parallel channel since early May. Now the price broke below the support line, it might drop further to touch the bottom parallel channel.
3) There is an unmitigated fair value gap (not very strong one) around $125-6 area and the area also was working as a strong support line for several months last year (see blue horizontal line in the chart)
4) There is a large order block at $104 zone. If the downside move is aggressive, it can wick down to this level.
5) The price is below all EMAs.6) EMA 9<14<21<55<200 - Bearish
7) MACD and RSI are deep in the bear zone and they are pointing to the downside.
8) There is a big fair value gap in the weekly chart in the $95 area.
I don't like to go short on the asset I am fundamentally bullish on, so I will just stay on the sideline and observe how the price will unfold in the next few months.
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