SOL Chart Note — Oct 24: 1H Trend Filter Down at $102.59

Solana's perpetual futures market spent another quiet session inside a narrow band, with price holding under the levels that mattered all week. The Pullwave CYH Pullback Strategy is still reading the 1H trend as down, and it logged a fresh add-on entry overnight. Here is how the chart looks this morning, what the indicator is showing, and which levels sit closest to price.

Market snapshot

SOL USDⓈ-margined perpetual futures (SOLUSDT.P) last traded at $102.59, a 24h change of -0.70%. The session range runs from a 24h low of $101.63 to a 24h high of $105.22, which keeps the last price in the lower half of the day's band. Zooming out to the week, the 7-day high stands at $109.18 and the 7-day low at $100.35, so the market is still working through the bottom portion of its weekly range rather than challenging the upper edge.

Positioning data is calm. The latest funding rate is 0.0042%, a small positive print that means long positions are paying shorts a modest amount at each settlement. Open interest sits at 8,463,264 SOL (about $868M), with a 24h change of -0.36% — essentially flat, meaning traders are neither piling in nor rushing for the exits while price grinds sideways.

What the Pullwave indicator shows

The Pullwave CYH Pullback Strategy runs on SOLUSDT.P using a two-timeframe structure. On the 1H chart it plots a volatility-based trailing line — the trend filter. That line moves with price and widens or tightens as volatility changes, and its position relative to candles defines the chart bias: price below the line means the filter reads down, price closing above it means the filter reads up. Execution then happens on the 15m chart, where the indicator looks for pullbacks that develop inside the direction the 1H filter has already established.

As of this morning the 1H trend filter is DOWN, and the indicator has been in a short position state since Oct 8, 11:00 UTC (10/8 20:00 KST). That is a long stretch for one directional state, and it reflects how persistently price has stayed beneath the 1H line.

The latest indicator event was an add-on entry (short) at Oct 23, 15:15 UTC (10/24 00:15 KST), near $104.34. An add-on entry is simply what the indicator calls a second marker printed in the same direction as the position it already holds, after price has pulled back inside the prevailing trend. On the flip side, the strategy also prints partial exit markers when a move extends — these reduce exposure in steps rather than closing everything at once. Both are drawn directly on the chart, and the add-on conditions table shows which inputs were satisfied at the time. Signals come from fixed price-and-volume rules; there is no discretion and nothing adaptive about them.

Everything the indicator plots is a state description, not an instruction. Orders are always placed by the user.

Key levels on the chart

• $109.18 — 7-day high
• $109.00 — Indicator 1H trend line
• $105.22 — 24h high
• $101.63 — 24h low
• $100.35 — 7-day low

What stands out is how closely the indicator's 1H trend line at $109.00 sits to the 7-day high at $109.18. The level that would change the indicator's trend reading and the level that caps the weekly range are nearly stacked, which makes that zone the single most informative area on the chart right now.

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What to watch next

A few conditional observations, using only the levels listed above:

• If a 1H candle closes above $109.00, the indicator's trend filter would flip from down to up, which would also change what the 15m execution layer looks for.
• Until that happens, the filter stays down, and any pullback the indicator reads on the 15m chart is read within a down-trend context.
• On the upside, $105.22 is the nearest reference from the current session, and $109.18 marks the top of the weekly range just above the trend line.
• On the downside, $101.63 is the closest level from the last 24 hours, with $100.35 marking the bottom of the 7-day range beneath it.
• Funding at 0.0042% and open interest at 8,463,264 SOL with a -0.36% 24h change are both worth re-checking if price leaves the band between $101.63 and $105.22, since a flat-positioning backdrop can shift quickly once a range breaks.

The indicator will keep printing its own markers regardless of where price goes; the job of these levels is simply to give context for whatever it prints next.