SOMI Up 130% – Path to $1.77 Or $0.97?

SOMI up 130% – path to $1.77 or $0.97? After the impulse, we are seeing a pullback and testing EMA and the 0.5 Fibo. What is the potential for a bounce or a deeper correction? Let’s look in more detail.

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Overall SOMI Price Structure

After a series of lower highs, the price has been losing levels step by step and, for now, has held near prior balance areas. A return and firm holding above $1.15 will be the first potential signal of buyer initiative recovering. However, holding below $1.14 with continued closes around $1.09 creates increasing potential for an extension of the decline toward $0.97.

SOMI EMA

• EMA-20 $1.1622. We are seeing a downward slope, and closes below signal the persistence of short-term selling pressure. However, a return and holding above the level may be an early sign of momentum recovery.

• EMA-50 $1.2230. Also, a downward slope, but if we see a breakout and a hold above, this will reduce the probability of a continued correction and may potentially open room for a retest of the upper areas.

• EMA-100 $1.1604. Downward slope, and a series of closes above may soften medium-term pressure. However, a close below still confirms seller dominance.

SOMI Fibonacci Key Zones

• 0.236 ($1.5455). We are still far from it, but a return and steady closes above the level will indicate a recovery toward the upper part of the range and may potentially point to a continuation of the trend.

• 0.382 ($1.3243). This is the boundary whose loss reversed the impulse. Holding above again will strengthen bullish odds, while persistent rejections will signal continued seller control.

• 0.5 ($1.1454). The central threshold of the current correction; a closes above will confirm an attempt at a reversal, while a rejection below keeps pressure toward the next support.

• 0.618 ($0.9666). This is the key support of a deep correction. Holding above it is a base for forming a reversal pattern, but losing the level will invalidate the entire uptrend and open the potential for a shift toward the lower parts of the range.

SOMI Market Sentiment

We see an unambiguously bearish sentiment – the price is below EMA-20/50/100, and we are trading in the range between $1.1454 and $0.9666. However, the uptrend has not been completely broken yet, and there is potential for a bounce.

📈 Potential Bullish Scenario

• Confirmation. Solid closes above $1.1454 and holding the level as support.

• Target. A step to $1.3243 with a possibility of extension to $1.5455.

• Invalidation. A return below $1.1454 and a series of closes around $1.10 with loss of local lows.

📉 Potential Bearish Scenario

• Confirmation. A failure at $1.1454 and closes below $1.10.

• Target. A test of $0.9666; if held below, a move into intermediate areas within the advance’s range.

• Invalidation. A recovery with sustained closes above $1.1454 and renewal of local pullback highs.

🟢 Potential Entry

• Zone. Above $1.1454.

• Trigger. A 1H close above $1.1454, a retest from above with bullish confirmation.

🔴 Potential Stop

• Zone. Below $1.10.

• Trigger. A 1H close below $1.10 or a sequence of lows breaking toward $0.9666.

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SOMI: What to Watch in the Coming Hours

The behavior at $1.1454 is now one of the key points that requires our attention, as well as the nature of the closes around $1.10. Holding above $1.1454 will shift the focus to $1.3243 and higher, but failed tests at $1.1454 and pressure on $1.10 will increase the likelihood of a test of $0.9666.