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SOL/USD: Bears Resume Control
Last week, I highlighted the possibility of a ‘pop’ to the upside on SOL/USD (Solana versus the US dollar). I will not go into detail here, but suffice it to say the trade was backed by daily support from US$163.90; I felt that even though a clear downside bias is in play, the lows around US$174.30ish would provide sufficient liquidity (sell stops beneath the lows) to bolster a short-term rebound from daily support. Coupled with a completed inverted head and shoulders pattern on the H1 timeframe, this was a ‘no-brainer’ technical long opportunity towards the pattern’s profit objective at US$179.90.
As you can see, the aforementioned trade played out as expected, and bears resumed control at the tail end of last week. Since 2025 has been trending downward, a break of current daily support could now be on the radar. Arguably, buyers may step in from demand at US$147.27-US$158.53, located just below, but because the area already welcomed buyers in November 2024, it may be vulnerable. Were price to navigate below this base, I see limited ‘active’ support until between US$117.04 and US$120.26.
As a result of the above analysis, my outlook for SOL/USD is bearish. H1 resistance at 172.93, therefore, could be a location to monitor closely at the start of the week for a possible sell-on-rally scenario.
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