Solana's fourth quarter of 2023 was one of the strongest runs of the cycle, taking price up roughly tenfold from its lows as the post-FTX recovery accelerated. This window sits at the end of that run: price reaches $126.94 intraday, then fades to close near $101.91, down about ten percent from the open.
The difficulty is that a pullback inside a powerful uptrend looks the same at its start as the beginning of a reversal. Momentum traders who had been rewarded for buying every dip for three months met the first dip that kept going, and the fastest part of the decline came after the level that had previously held.
Same engine, same hidden right-hand side — a different day's problem.