📊 SLX Analysis: Is the Correction Already Nearing Its End?

SLX has undergone a sharp correction from its peak around $0.69 to trading in the $0.109 range. This drop looks extreme, but it also often marks a phase when the market starts searching for a more reasonable price. From the 1-hour chart, sell pressure appears to be weakening as the candlestick size becomes smaller. In addition, the MACD histogram is starting to shorten, indicating bearish momentum is no longer as strong as before.
The $0.10 area is now a level worth watching as the key support. If this level can hold and is followed by an increase in buying volume, the odds of an accumulation phase forming will be greater before the next uptrend appears.
On the other hand, if support is broken with high volume, the risk of further correction remains open. In my opinion, 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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