Solana — What's next: $170 or $84?

Let's start with the good news: On a bigger picture $SOL still trades in its long-term upwards channel that the coin entered back in October 2023 💪

However, it is facing a crucial decision point.

👉 After a double top in March it dipped right to the bottom of the channel.

👉 The first reversal led to another retest of the bottom quickly.

👉 After that, it looks like #Solana is making a lower high.

What's next?

Since the overall market is rather weak at the moment it will be decisive if Solana can stay in the channel.

👎 If not, it's likely that we will see a test of the resistances at 118 or even 84. In this case I really think it can get hairy quickly.

👍🏻 If it holds, the coin has to make a higher high before a retest of the middle band can be tackled.

Trading approach 💡

From my pov, it doesn't make sense to enter a trade rn. Contrary, I'll be watching the performance at this level closely and will decide once one of the above scenarios come into play.

Let me know your opinions 👇