SOL/USD 4h chart

SOL/USD 4h chart

Solana continues to stay in a bearish trend (short-term chart) which pulled us down by more than 40%. We're kept in the downtrend channel and forming lower lows and lower highs. Until that doesn't change with a breakout of the channel and correct formation of higher highs and lower highs, a good suggestion would be to not placing long positions.

In the worst case, we can go down to 75/coin where we're facing first major support.

Note, such pullbacks are healthy in order to keep a nice bull trend since Solana has been heavily outperforming the market. Corrections are part of the market and are necessary when forming an exponential uptrend that can later be visible on larger time scales.