Technical analysis by petermichalides about Symbol SOL: Buy recommendation (7/1/2025)

Market Context:Solana has pulled back into a key short-term demand zone after a sharp rejection from recent highs. Price action is now showing signs of local exhaustion, with confluence from lower timeframe support and bullish structure attempting to form. The setup anticipates a bounce targeting the mid-Fibonacci zone.Setup Idea:Price tapped into a local support shelf around 148.80, where previous demand initiated the last impulsive leg up. With momentum indicators stretched and RSI divergence building, this offers a high-probability scalp opportunity.Targeting the 0.5–0.618 Fibonacci retracement zone as first resistance, with confirmation needed for further continuation.Trade Plan:Entry: Around 148.80–149.00Stop Loss: Below 148.30 (beneath local swing low and structure break)Target: 154.50–155.90 (Fibonacci 0.5 to 0.618 zone)Risk/Reward: Approx. 2.5RNotes:This is a reactive setup — price must hold the current level or print a higher low. If sellers regain control below 148.30, the trade is invalidated. Watch closely for volume shift and 1H candle confirmation before adding size.Mid-Fibonacci level (154.57) is a logical area to de-risk or take partial profits.MY Sl got hit, but I will still try to re-enter.