$SLX Looking for a Bottom Formation?

The price has returned to the same demand zone where it found support on June 17 before then launching a volatile 300% rally, surging from around 0.14 to 0.69 in just 10 days. After such a parabolic move, the correction is just as aggressive, bringing the price back to a crucial support area.
At present, the technical structure is still bearish.
On the Daily chart, the price is still below the MA7, while on the 4H chart the price is trading below both the MA7 and MA25. On higher timeframes, the moving averages continue to decline, confirming that the sellers still control the trend. Even though selling momentum is slowing, no confirmed bullish reversal is in sight.
📉 Bearish Scenario
•The closest support is around 0.160–0.166.
•If this zone breaks with volume, the next downside levels become 0.14–0.13
•If overall market sentiment weakens, further movement toward 0.10–0.11 is also possible before a meaningful base forms.
📈 Bullish Scenario
•The first sign of strength is recovery above 0.18, followed by a confirmed breakout and a daily close above 0.19. This would indicate buyers are taking back control.
•If that breakout holds, the first expansion zone is 0.25–0.30
•If price consolidates above this range with healthy accumulation, and not immediately rejected, the next bullish push could target 0.35–0.50
•Moves above those levels would significantly improve the long-term structure and reopen the possibility of challenging the previous peaks.
⚠️ Conclusion
•The current support zone previously sparked a major rally, but technical confirmation hasn’t appeared this time. Until the price reclaims 0.18–0.19, the trend remains bearish.
•Monitor the 0.16 support closely—this is the key level likely to determine whether #SLX forms another big base or continues the correction.