Ah, Solana (SOL), that noble layer-1 altcoin, which has decided to dance with the bear, dropping a full 40% in this rather scandalous corrective phase. Every time there’s a flicker of hope, a rally starts… only to be swiftly crushed beneath the heavy boots of market forces. A full recovery, you say? Well, let’s not get ahead of ourselves!
Is Solana’s Price Being Secretly Held Down?
Oh, dear reader, it seems that every time $SOL is about to break free from its shackles, a mysterious flood of coins mysteriously appears, transferred from Binance to Wintermute, where a fiendish wave of selling commences. Is this all a cunning plan by shadowy institutions, keeping the price as low as possible before the impending approval of the SOL spot ETFs? Hmm, I dare say, the plot thickens! 🤔
The Tragic Tale of $SOL’s Descending Channel
Lo and behold, the short-term chart reveals a heart-wrenching sight! $SOL continues its sad journey downward, confined within a descending channel since mid-September. It has even fallen below its once mighty supports, which have now transformed into cruel resistance. Alas, it now languishes beneath a once-glorious trendline that began its ascent in April. Could it be? The bottom is near… or perhaps, it’s just another trap! 😅
Looking closely, we find that the price may very well plummet to the strong $156 horizontal support. Should this level fall like a tower of Jenga blocks, the next place to watch would be either the channel’s bottom or the significant $127 support. Oh, the suspense!
Is $SOL Preparing for a Grand Rally?
And now, for a moment of hope! The daily chart hints that $SOL is beginning to form a solid base. Could this be the calm before the storm? The $156 support level stands firm, even as candle wicks venture below it, with one daring wick reaching the bottom of the channel. This, my friends, could be the beginning of something grand… or the beginning of more heartbreak. 😜
It all depends on whether the bulls can stop this corrective plunge from confirming below the crucial support. A triumphant return above the 200-day SMA and the trendline is the stuff of legends. But let’s not kid ourselves; the top of the channel, coupled with horizontal resistance, could be the ultimate “no-entry” sign for the bulls. A mighty struggle awaits!
The Three Mystical Elements in the Weekly Timeframe
In the weekly chart, three elements stand out like a trio of dramatic plot twists in a tragic opera. First, the bearish news: a full candle body has opened below the once-proud ascending trendline. Alas, another follows in its footsteps. But, lo! There is hope yet-second, the long bearish candle has retested the bottom of the channel, confirming the lower trendline once more. Thirdly-and perhaps most importantly-a bullish signal: the Stochastic RSI is touching the bottom. Could this signal an imminent rally, as glorious as the last one, which saw a 167% surge? The drama continues! 😏
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2025-11-11 15:50