Solana Bulls Eye Break Above $83.44 as Bluntz Dismisses Bear Case
Solana (SOL) drew trader attention after Bluntz Capital rejected bearish bets following a reported 77% peak-to-trough drawdown, arguing that deep sell-offs can purge positions and set up rebounds. Bluntz highlighted a weekly close near $89.95 on Binance and noted the 200-week simple moving average near $103.55 and a 14-period RSI in the mid-30s, framing current momentum as weak rather than decisively bearish. Separately, analyst Ali Charts identified near-term technical levels: a decisive break above $83.44 would expose resistance targets at $87.11 and $90.97 on short-term charts. The four-hour structure shows repeated reactions around horizontal bands, making $83.44 a key decision point; failure to hold above it could see sellers reassert control. Overall, the piece signals a range-bound SOL with potential short-term upside if buyers can sustain above the marked breakout zone, while weekly indicators caution that momentum and long-term trend remain fragile.
Neutral
The article presents mixed signals rather than a definitive directional trigger. Bullish arguments: Bluntz Capital frames the 77% drawdown as capitulation that can precede rebounds and notes a recent weekly close near $89.95, implying upside if buyers return; Ali Charts identifies a clear breakout level ($83.44) with nearer-term targets ($87.11, $90.97). Bearish/neutral arguments: weekly momentum (14-period RSI in mid-30s) and SOL trading below the 200-week SMA (~$103.55) indicate longer-term weakness. The immediate impact is likely short-term directional sensitivity: a sustained move above $83.44 would likely draw short-term momentum buyers and trigger tests of the listed resistance levels (bullish short-term). Failure to reclaim or hold above that band would renew selling pressure and favor further downside or continued range-bound action (bearish/neutral short-to-medium term). Historically, deep drawdowns have produced both failed bounces and durable recoveries depending on macro risk appetite and BTC-led moves; therefore, traders should watch breakout follow-through, volume, and broader crypto risk cues (BTC direction, on-chain activity) for confirmation. Risk management: set stops for failed breakouts, watch liquidity near the highlighted resistance bands, and scale position size given elevated volatility after large drawdowns.