SOL Chart Technical Analysis: Pullback Structure and Key Support Assessment After Channel Breakdown

From the SOL 1-hour timeframe chart, the price has been steadily rising along the blue ascending channel. After reaching a peak of 97.55, resistance at the upper channel boundary became evident, and subsequently, the price effectively broke below the lower channel boundary, signaling the end of the short-term uptrend and entering a pullback correction phase.

On the technical side, the Fibonacci retracement lines drawn using the high of 97.55 and the low of 81.40 clearly delineate the current price correction range. The current price is operating between 87.57 and 89.47, with short-term support found near 86.42. The trading volume has shrunk compared to previous highs, reflecting a shift in market sentiment from exuberance to caution.

Structurally, after breaking the ascending channel, the bearish forces have gradually been released, and the pullback trend aligns with technical expectations. If the price stabilizes above the 0.382 support level and the trading volume moderately increases, a potential stage bottom could form, challenging the resistance levels of 0.5 and 0.618 (91.38); if it effectively breaks below the 0.382 support, the next support level will look towards 0.236 (85.21), and further declines may test the previous low of 81.40.

In terms of operations, short-term attention should focus on the effectiveness of the support range between 85.21-87.57, while resistance levels to watch above are 89.47 and 91.38. It is recommended that investors combine changes in trading volume with the structural evolution after the channel breakdown, control their positions, manage risk, and wait for clear trend signals before making further moves.

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