$SLX Looking for a Bottom Formation?

Price has returned to the same demand zone where it found support on June 17 before delivering an explosive 300% rally, surging from around 0.14 to 0.69 in just 10 days. After such a parabolic move, the correction has been equally aggressive, bringing price back to a critical support area.
At this moment, the technical structure is still bearish.
On the Daily chart, price remains below the MA7, while on the 4H chart it is trading beneath both the MA7 and MA25. Across higher timeframes, the moving averages continue to slope downward, confirming that sellers still control the trend. Although the selling momentum has slowed, there is no confirmed bullish reversal yet.
📉 Bearish Scenario
•The immediate support lies around 0.160–0.166.
•If this zone breaks with volume, the next downside levels become 0.14 - 0.13
•If overall market sentiment turns weak, an extended move toward 0.10–0.11 is also possible before a meaningful bottom forms.
📈 Bullish Scenario
•The first sign of strength would be a recovery above 0.18, followed by a confirmed breakout and daily close above 0.19. That would indicate buyers are reclaiming control.
•If that breakout is sustained, the first expansion zone is 0.25–0.30
•Should price consolidate above this range with healthy accumulation, rather than an immediate rejection, the next bullish leg could target 0.35–0.50
•A move above those levels would significantly improve the long-term structure and reopen the possibility of challenging previous highs.
⚠️ Conclusion
•The current support zone has produced a massive rally before, but technical confirmation is still missing this time. Until price reclaims 0.18–0.19, the trend remains bearish.
•Watch the 0.16 support closely—it is the key level that will likely decide whether #SLX forms another major bottom or continues its correction.