SOL Chart Note Oct 12: Pullwave Short Holds Below $115.42

SOL is trading near $111.21 this morning, up 1.02% over the past 24 hours. Pullwave's CYH Pullback Strategy indicator remains in a short state on SOLUSDT.P, with its 1H trend filter still pointing down. Here is what the chart and the indicator are showing right now.

Market snapshot

SOL last changed hands at $111.21, a 1.02% move over the past 24 hours. The 24h range ran from a low of $108.89 to a high of $112.73, while the broader 7-day range spans a low of $105.61 to a high of $122.06. The latest funding rate for SOLUSDT.P reads 0.0100%, and open interest sits at 8,429,723 SOL (about $937M), down 0.69% over the past 24 hours.

What the Pullwave indicator shows

Pullwave's CYH Pullback Strategy combines a 1H trend filter with 15m execution. The 1H trend filter is essentially a volatility-based trailing line plotted on the 1-hour chart; as long as 1H candles close below that line, the filter stays in its current direction. Right now that trend filter reads DOWN, and the line itself currently sits at $115.42. If a 1H candle were to close above $115.42, the indicator's trend filter would flip from down to up.

Within that downward 1H trend, the indicator has been in a short state since Oct 8, 11:00 UTC. The most recent event was an add-on entry (short) on Oct 11, 07:30 UTC, taken near $109.35. An add-on entry means the indicator added to the existing short position after price pulled back inside the prevailing downtrend, rather than opening a brand-new position. The indicator also takes partial exits when a move extends far enough in its favor, trimming part of the position while the remainder stays open under the same trend state. As of this morning, the 1H structure is described as a pullback phase inside the downtrend, with no new partial exit noted since the Oct 11 add-on.

None of this is an instruction to open or close any position — it's simply a description of where the indicator's lines and state currently sit on the chart.

Key levels on the chart

These are the reference levels visible on the current SOLUSDT.P chart:

• $122.06 — 7-day high
• $115.42 — Indicator 1H trend line
• $112.73 — 24h high
• $111.21 — last price
• $108.89 — 24h low
• $105.61 — 7-day low

Solana ecosystem and official updates

Firedancer Mainnet Release v26.09.6 (2026-10-06): Firedancer shipped mainnet-ready release v26.09.6, improving validator behavior under degraded network conditions, reducing validator stalls, and fixing rare identity switch bugs. Firedancer (GitHub)

Solana Foundation Launches Solana DvP, an Atomic Settlement Program Built for Financial Institutions (2026-10-06): Solana Foundation launched Solana DvP, an open-source atomic settlement program for financial institutions, built with input from J.P. Morgan, offering delivery-versus-payment settlement with finality in seconds. solana.com

Breakpoint 2026: A guide to getting oriented (Part 1) (2026-09-18): Breakpoint 2026, Solana's flagship annual conference, will be held in London on November 15–17 at Olympia Convention Centre, with over 7,000 attendees from 100+ countries expected. solana.com

Separately, the Solana network status page (status.solana.com) currently reports All Systems Operational.

What to watch next

If a 1H candle closes above $115.42, the indicator's 1H trend filter would flip from down to up, which would change the backdrop the indicator is currently trading against. Until that happens, the 1H structure remains described as a pullback phase inside the downtrend, with the short state dating back to Oct 8, 11:00 UTC and the most recent add-on near $109.35 on Oct 11, 07:30 UTC still active.

On the downside, the 24h low of $108.89 and the 7-day low of $105.61 are visible reference points on the current chart; how price behaves around them, relative to the $115.42 trend line above, is what would matter for the indicator's next state change. On the upside, the 24h high of $112.73 and the 7-day high of $122.06 sit above last price, between current levels and the trend line itself. Watching whether 1H closes stay under $115.42 or push through it is the main condition tied to this indicator's current short state.