SOL/USD is in a sustained downtrend, characterized by a series of "Lower Highs." The current price action suggests another rejection is underway, continuing the bearish momentum.
1. Price Action: The "Lower High" Structure
The chart visually highlights (via purple boxes) a classic bearish market structure. Since the high near $240, SOL has failed to reclaim previous peaks.
The Pattern: Each rally attempt (purple box) runs out of momentum at a lower price point than the previous one ($240 -> $210 -> $180 -> $160 -> $140).
Current State: The price recently rallied into the $150-$160 zone (the right-most purple boxes) and is currently reacting negatively, dropping to $139.83.
The current setup suggests a short opportunity as the price rejects off the most recent lower high.
1. Price Action: The "Lower High" Structure
The chart visually highlights (via purple boxes) a classic bearish market structure. Since the high near $240, SOL has failed to reclaim previous peaks.
The Pattern: Each rally attempt (purple box) runs out of momentum at a lower price point than the previous one ($240 -> $210 -> $180 -> $160 -> $140).
Current State: The price recently rallied into the $150-$160 zone (the right-most purple boxes) and is currently reacting negatively, dropping to $139.83.
The current setup suggests a short opportunity as the price rejects off the most recent lower high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.