🐋 WHALE WATCH: Everyone loved $SOL at $295. Nobody wants it at $86. This is usually how the market works.

Right now $SOL is trading at $86.83 on the weekly chart. That is 70% below the previous high.
We are sitting just under the dotted support zone around $95.
The technical trend changed earlier this year.
We lost the 50 week EMA at $124 and it has acted as heavy resistance ever since.
Look at the red circle on the chart. That indicates exactly where the price lost its ground.
This 50 week EMA is the most critical level on the macro chart.
It must be reclaimed before any real market recovery can occur.
For now I anticipate an initial attempt at a bounce back toward the $95 level.
If we get a weekly close above $95 then the 50 EMA at $124 is the next big test.
Reclaiming $124 on the weekly close opens up the path toward $175 and $200.
The upside potential is clear if the bulls can step in here.
On the downside the invalidation level is very tight.
A loss of $83 on the weekly close changes the setup completely.
If that happens the ascending trendline around $60 becomes the next major support.
Are you buying the fear here or waiting for a reclaim ?