Crypto King Mazhar

07/24 11:13

Is this a SOL dip to buy? While the sudden 9% dr

Is this a SOL dip to buy?

While the sudden 9% drop in SOL may raise short-term concerns, it follows a substantial 56% rally over the past 30 days. Such a pullback is often a healthy reset, especially after aggressive upside momentum. Technically, the daily chart remains constructive, with $180 emerging as the key support for bullish continuation

SOL confirmed a bullish break of structure (BOS) earlier this week by reclaiming the $180 level, marking the first major bullish trend shift on the one-day time frame since November 2024. This BOS also triggered a golden cross between the 50-day and 200-day exponential moving averages (EMAs), a classic bullish signal. The last time SOL saw this crossover, the price surged over 730% between October 2023 and March 2024.

A positive price reaction and support hold around $180 would reinforce bullish momentum. However, failure to defend this level could open the door for a deeper correction toward the $168–$157 zone. This range aligns with both a daily fair value gap, a zone of prior market imbalance, and the 0.5–0.618 Fibonacci retracement levels, often considered a high-probability technical retest area.

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