Based on a trend based fib extension placed early 2023, late 2022: Solana has found fierce resistance at it's 2.618- roughly around the previous cycle's all time high. After a second attempt to continue upward, we have had a fierce rejection back down towards $130.
As you can see, $134 has acted as a major support and resistance level dating back to 2021, and it has found solid footing at this price.
In fact, it has traded between $134 and $167 - the 1.618 level based on a trend based fib extension placed on the daily candle where it reached it's new ATH - consistently since May 2024.
What I find promising is that we have major confluence at exactly $134 and so far between these two and other fibs and SOL has shown really good strength at this price.
If $134 holds, we should see continuation.
If it breaks, I expect ~105-108 (weak support), falling further to ~$90 (much stronger support than $108).
Keep in mind, we COULD see SOL re-test it's diagonal support line and remain in a bullish structure, but the bear case would be much stronger if we reach that point.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.