The broader structure shows lower highs forming consistently after failure to reclaim key resistance between $110 and $120. Moreover, the recovery was extremely low after a sharp decline due to a weak bounce. Moreover, it is compressing just above a major downside target, highlighting a critical support level at $50.
This is the level where previous consolidation occurred with a strong demand, where risk-reward becomes attractive again. Therefore, the trade set suggests the SOL price may continue to remain range-bound and further initiate a breakdown to the demand zone.
Collectively, Solana is trading below broken structure and remains a wait-for-confirmation market, not a bottoming market. Failure to reclaim $100 to $110 keeps the pressure intact, while a breakdown below the range opens a move toward $60 first, then $50, which is the key accumulation zone. Until then, every bounce is likely a lower high in formation, not the start of a new rally.
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