Solana $SOL has experienced a strong downside move and is now trading well below its 30-day moving average and the mid-range Fibonacci levels. Momentum remains weak, but short-term conditions are stretched.
📉 Market Structure
Price is trending below short- and medium-term moving averages
RSI (14) is near 28, indicating oversold conditions
Broader trend remains bearish unless price reclaims higher Fibonacci bands
Oversold readings often lead to short-covering rallies or temporary relief bounces, but they do not automatically signal a trend reversal.
📌 Trade Setup (Long – Countertrend Idea)
Entry: Around $84.08 (daily pivot zone)
Stop Loss: Below $68.69 (recent swing low / structural invalidation)
Targets:
Target 1: $85.71 (78.6% Fibonacci retracement)
Target 2: $99.07 (61.8% Fibonacci retracement)
Target 3: $108.45 (50% Fibonacci retracement)
📊 Technical Outlook
With RSI deeply oversold and price extended below key moving averages, a short-term bounce is possible. However, the dominant trend remains bearish unless $SOL reclaims higher Fibonacci resistance zones and establishes strength above them.
Watch price reaction closely around the pivot and the 78.6% retracement level — this area will likely determine whether the move turns into continuation lower or develops into a broader relief rally.
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