Watch out! If you're planning to buy $SOL at this(Red) level, because it's likely to be broken this time. Here's why:

⚠️ If you use 'Daily Candlestick' timeframe to make your decision then think twice! 🚨

🚫 $SOL recently broke this(Red) resistance and price revisited the level a few days ago.

🚫 It retested broken resistance(became support) which resulted in a pull back.

🚫 Now the price is back revisiting the same(Red) level and Daily chart seems to show a 'W' pattern but how many buyers are left to buy more?

Concerning, right?

✅ Buy orders at the(Red) level got absorbed already which caused the pull back.

But if the previous retest didn't push the price strong enough, then what does it mean?

✅ It means either not enough buyers entered the market at the(Red) level or the sellers were too strong.

✅ Hmm, 🤔 If the buyers weren't so sure to buy at the(Red) level but still entered and the price is back at the same level, so how do they feel now?

Panic? Maybe.

✅ Ok, so sellers are strong, not much buy order are left, and buyers are panicking too.

Convinced?

There's more:

Weekly chart tells a different story than daily chart's theme as Daily buyers seem to be wiped already.

Overall market is down since BTC ATH(All Time High) and halving 2024.

Annnnd

Russia just banned crypto. Whoops!

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What to expect with this approach?

🚫 Solana is showing bullish signs but not strength, so possibly it's a fake move before the break.

✅ First, false reaction could lead to a break

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then buyer panic would strengthen sellers even more

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resulting in huge(just large actually) candles 👇

which requires correction/consolidation

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could signal buying opportunities

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may interest more buyers

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Depending on the strength of interest, price may react around green level.

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