Solana’s 6% Bounce: Real Recovery or a Crypto Tantrum?

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Solana (SOL) has taken a 49% hit in this bearish phase, which some think is just the beginning of a long, sad walk into the bear market. But could Tuesday’s 6% jump be the start of a full recovery? Or is it just a brief moment of hope before the inevitable crash? 🤔💸

$SOL bounces from a convergence of supports 🧠

The descending channel (in blue) shows how $SOL has been stuck in this bearish loop for 49% of its retracement. But now it’s hit rock bottom… or at least the bottom of the bear market’s couch. 🛋️ A bottom that’s bolstered by the strong $127 horizontal support and the bull market support trendline. Because nothing says “trust me” like a number that’s been there since the beginning of time. 🕰️

Does this mean it’s onwards and upwards from here? It could be, although the price did not actually retest the horizontal support or the major trendline. Therefore, there is the possibility that the price could still come back down in order to do so. Because why would it ever just go straight up? 🙃

Even if this does happen, it might be expected that the price holds the strong support below. Obviously, the fortunes of Bitcoin will have a huge bearing on this. Because nothing says “market sentiment” like a 100% correlation with a 10-year-old meme coin. 🧠

Can the bulls sustain the bounce? 😂

Putting aside thoughts of the supposed liquidity scarcity, the daily chart looks pretty bullish for $SOL. Buyers would have been eyeing up the convergence of the major trendline, the horizontal support, and the bottom of the descending channel with a view to a long position, and buy they did. A 6% bounce from this area has been the reward so far. Because nothing says “I’m a savvy investor” like jumping on a 6% rally. 📈

Nevertheless, the bounce has reached a horizontal resistance level and has paused here. It now remains to be seen whether there will be a rejection, or whether the bulls can power on through. Given the still extremely negative market sentiment, it might take a bit more chop sideways before the $SOL price can break through. Because why would anything ever be straightforward? 🤷‍♀️

In favour of the bulls are the Stochastic RSI indicators which have just crossed up from the bottom, potentially about to bring upside price momentum. Also, the RSI indicator has just bounced out of oversold territory. The last time it was here was back at the end of February this year, which led to a 42% bounce. Because nothing says “recovery” like a 42% jump that was 3 months ago. 🤡

Everything set for a big rally? 🧠

The weekly time frame for $SOL reveals the incredible strength of the $127 support which has acted as such since the end of 2023. With the further support of the bull market trendline, and the bottom of the descending channel, it is not expected that $SOL drops from here. Because nothing says “trust me” like a number that’s been there longer than your ex’s excuses. 🕰️

Another bullish factor are the Stochastic RSI indicators for this high time frame which are at rock bottom now. Everything would appear to be set for a big rally from here. Will it happen? The majority across social media are calling for a bear market – the charts say otherwise. Who will be right? The charts? Or the people who think the moon is made of cheese? 🌕

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2025-11-18 15:41