📊 SLX Technical Analysis: Is the Correction Nearly Over?

SLX has undergone a sharp correction from its peak around $0.69 to trading in the $0.109 range. This drop does look extreme, but it is also often a phase when the market starts looking for more reasonable prices. From the 1-hour chart, selling pressure appears to be starting to ease as candlestick size gets smaller. In addition, the MACD histogram has begun to shorten, indicating that bearish momentum is no longer as strong as before.

The $0.10 area is now a level worth watching as the main support. If this level holds and is followed by an increase in buy volume, the chances of an accumulation phase forming will grow before the next uptrend appears.

Conversely, if support is broken with high volume, the risk of further correction remains open. In my view, the best approach right now is to wait for directional confirmation, avoid FOMO, and apply disciplined risk management before adding positions.
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