Overview
- Price is pressing the $120–$127 confluence where a 2023 ascending trendline meets horizontal support, a zone analysts say will define the next leg.
- Recent action includes a clean break below $136 with a bearish engulfing candle and repeated mid‑$140s rejections that keep the range biased lower.
- Volume profiling shows a loss of the point of control, with some analysts warning that a failure of the value area low could accelerate a move toward about $117.
- Scenario mapping points to a binary path: a defend-and-reclaim above $120 setting up targets near $180–$200, or a breakdown risking a deeper slide toward sub‑$100 levels, including the $75 area flagged in prior corrections.
- Fundamentals remain supportive with roughly 70% of supply staked and about $8.43 billion in DEX TVL, though memecoin swings and heavy short‑term flows continue to add noise to price signals.