Solana (SOL) Critical Support! Will It Bounce or Break Down?

📉 Technical Analysis (Weekly Timeframe)

Market Structure & Trendlines
* SOL has been consolidating within a rising trendline support while facing resistance at $210 - $220.
* The ascending trendline support from 2023 remains intact, providing a potential bounce level near $190 - $195.
* A break below $190 could trigger further downside, while a successful hold and bounce could retest previous highs.

Indicators Analysis
* MACD: Shows a bearish crossover, indicating downward momentum. The histogram is negative, suggesting a potential continuation of the pullback.
* Stochastic RSI: Currently oversold, sitting near 10.62, which means a bounce could be imminent if buying pressure emerges.

Key Support & Resistance Levels
* Immediate Support: $190 - $195 (Trendline support)
* Major Support: $165 - $170 (Next demand zone if trendline breaks)
* Resistance 1: $210 - $220 (Current rejection zone)
* Resistance 2: $250+ (Breakout target if the trend remains intact)

💡 Trade Scenarios
Bullish Outlook (If $190 Holds)
* Entry: Around $190 - $195
* Target 1: $210 - $220 (First breakout level)
* Target 2: $250+ (Full recovery potential)
* Stop Loss: Below $185 (Trendline failure)

Bearish Outlook (If $190 Breaks)
* Entry: Below $190
* Target 1: $170
* Target 2: $150
* Stop Loss: Above $200 (Reversal invalidation)

⚠️ My Final Thoughts
* SOL is at a make-or-break level near $190 - $195.
* Holding above $190 could trigger a bounce to $210+, while a break below may lead to $165 - $170 next.
* Oversold conditions suggest a possible rebound, but MACD remains bearish, so confirmation is needed.

⚠️ Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and manage risk properly.