SOL on the Slide: Is a Bounce from $150 in the Cards?

Solana has been in a downtrend for over 30 days after reaching its ATH at $295.83. For the past two weeks, SOL was stuck in a trading range that formed a descending triangle (a bearish pattern) which eventually broke down, confirming the downtrend. Additionally, SOL lost its yearly support level at $189.31. Where is SOL heading next? Let's find out!

Key Support Zone

Our main long opportunity is around the $150 level, where several confluences align:

Fibonacci Levels:

• The 0.5 fib retracement of the entire 5-wave structure sits at $151.92.
  
• The 0.786 fib retracement from the 5th wave is at $149.77.
  
• A fib extension 1.618 of the descending triangle is at $148.65, which is very close to the $150 mark.
  

Volume Profile:

• The Point of Control (POC), highlighted by the red horizontal ray, is around $144, adding another layer of support.
  
  

Trade Setup

Currently waiting for SOL to reach the support zone between $152 and $144. An alarm is set when price nears these levels for a long opportunity.