$SLX Are you looking for a bottom?

Price has returned to the same demand zone that received support on June 17. From there, there was an explosive 300% rally, with a sharp jump from about 0.14 to 0.69 in just 10 days. After such a parabolic move, the correction has also been equally intense, pushing price back to a key support area.
At this time, the technical structure is still bearish.
On the daily chart, price remains below the MA7, and on the 4-hour chart it stays below both the MA7 and MA25. Even on higher time frames, moving averages continue to maintain their downward slope, supporting the idea that sellers still dominate the trend. Although selling momentum is slowing, there has not been a definitive bullish reversal yet.
📉 Bearish scenario
•The nearest support is around 0.160–0.166.
•If this zone breaks with volume, the next downside level would be 0.14–0.13
•If the overall market sentiment weakens, there could also be a move toward 0.10–0.11 before a meaningful bottom forms.
📈 Bullish scenario
•The first sign of strength would be a recovery above 0.18, followed by a confirmed break and a daily close above 0.19. This would indicate that buyers have regained control.
•If that break holds, the first expansion zone is 0.25–0.30.
•If price consolidates above this range without immediate rejection, with healthy accumulation, the next bullish leg could target 0.35–0.50.
•Moves that break above these levels would significantly improve the medium- to long-term structure and could reopen the possibility of challenging prior highs.
⚠️ Conclusion
•The current support zone has previously generated a major upswing, but this time there is still a lack of technical confirmation. Until price regains 0.18–0.19, the trend remains bearish.
•Pay close attention to the 0.16 support. This is a critical level that is likely to determine whether #SLX forms another major bottom or whether the correction continues.