Solana - Unbiased Analysis 👾

Solana hit a new all-time high of $295 this cycle but failed to hold above it. 

A massive bearish divergence is in play on the weekly chart, and the price is now testing a key horizontal support that has held strong for the past year.

The 1.618 Fibonacci support is also at $117, making it a critical zone that must hold.

Looking at the RSI, it's currently at 40, a level that has acted as solid support in the past.

From here, Two scenarios can play out:

Red : A bounce that eventually fades, leading to a slow bleed and breakdown of both the horizontal support and the 0.618 level. That wouldn’t be a good sign

Blue : A strong bounce from current levels followed by continuation into a new ath, as RSI is also having plenty of room to run higher.