Technical Reading (4H Candle Closed) $SOL
Structure:
Green recovery candle that closes at 69.65, invalidating immediate sell pressure and breaking above the prior technical support of 68.85.
Momentum:
RSI of 47.82 shows a technical recovery after extreme oversold conditions, indicating that sell pressure has eased.
ADX of 64.72 remains extremely high, reflecting that the underlying bearish trend is still dominant despite this bounce.
Volume: 1.75M, volume is low for a recovery move, suggesting this advance is more of a technical adjustment than a trend reversal.
Conclusion:
Resistance Validation: The price is testing the Bollinger Midline (72.18) and the EMA (71.35), which now act as a technical ceiling. As long as they do not break above these levels, the scenario toward 65.70 (my personal target) remains intact.
This bounce is consistent with the high volatility that was already considered. I’m going to stay patient and let the bearish trend resume after this technical pause.
Structure:
Green recovery candle that closes at 69.65, invalidating immediate sell pressure and breaking above the prior technical support of 68.85.
Momentum:
RSI of 47.82 shows a technical recovery after extreme oversold conditions, indicating that sell pressure has eased.
ADX of 64.72 remains extremely high, reflecting that the underlying bearish trend is still dominant despite this bounce.
Volume: 1.75M, volume is low for a recovery move, suggesting this advance is more of a technical adjustment than a trend reversal.
Conclusion:
Resistance Validation: The price is testing the Bollinger Midline (72.18) and the EMA (71.35), which now act as a technical ceiling. As long as they do not break above these levels, the scenario toward 65.70 (my personal target) remains intact.
This bounce is consistent with the high volatility that was already considered. I’m going to stay patient and let the bearish trend resume after this technical pause.