SOL Weekly Update – Bulls Losing Steam?

SOL is testing a strong resistance zone right now. The problem I see is that RSI is already running hot and the volume keeps dropping. Price is pushing up, but buyers aren’t showing real conviction. That’s why I’m leaning toward a correction into the 202–204 range. This level looks like a good spot to start looking for long entries if the reaction is strong enough.

🔹 Bullish scenario: if we get a confirmed daily close above 222 with higher volume, the next target zone sits at 234–242. From there, bulls will need to prove they still have momentum, otherwise we could see another local correction.
🔹 Bearish scenario: a break and close below 201 opens the way for a move into 178–182, which is the POC zone with the heaviest traded volume. That level should act as major support if the correction deepens.

RSI is showing that the market is overheated, but it doesn’t mean the rally is over. If buyers suddenly show strength and step in with volume, we could still get another impulsive leg higher before any pullback.

My view: while price is grinding higher on weak volume, the risk of a drawdown into 202–204 is much higher than a clean breakout. That’s the zone I’ll be watching closely for long setups.

Disclaimer: The author’s opinion may not align with yours