$SOL SOL/USD – Daily Technical Analysis Solana (SOL/USD) is currently experiencing a bearish retracement following its strong bullish rally from Point A to the recent highs around $124–$125. The chart highlights a developing bullish ABCD projection, supported by Fibonacci levels and historical price structure. Technical Analysis 1. Bullish ABCD Structure The bullish movement from Point A to B, followed by a correction toward Point C around $96, established a higher-low structure. The projected Point D near $135–$136 represents a potential upside target, aligned with the 2.642 Fibonacci extension. However, price must first overcome the overhead supply zone to validate bullish continuation. 2. Supply Zone ($118.61–$122.13) The red zone represents a significant supply area where sellers have recently gained control, resulting in a sharp bearish rejection. A sustained breakout above $122.13 would indicate renewed buying strength and potentially open the path toward $125 and eventually $135–$136. 3. Fibonacci Retracement and Support Confluence Price is currently testing the Fibonacci 0.5–0.618 retracement region, approximately $107–$110. This area is important for a potential bullish reaction. More importantly, the yellow horizontal support zone around $95–$98 represents a major historical support/resistance area. Price has reacted to this region multiple times in the past, and it now aligns closely with Point C of the bullish structure. This creates an additional confluence for buyers if the current Fibonacci support fails. A successful bounce from the yellow support zone could preserve the broader bullish outlook, while a decisive daily close below it would weaken the ABCD continuation scenario. 4. RSI Bearish Divergence The RSI displays bearish divergence, with price forming higher highs while the indicator forms lower highs.