SOL Chart Note — Nov 7: Pullwave 1H Trend Filter Stays Down

Solana's perpetual market starts Friday in a narrow band, with price holding just above the week's floor while the Pullwave indicator keeps its 1H trend filter pointed down. The chart is sitting in a pullback phase inside that downtrend, which is exactly the setup this strategy is built to read. Below is today's plain-language walkthrough of what the indicator shows and which levels are drawn on the chart.

Market snapshot

SOL USDⓈ-margined perpetual futures (SOLUSDT.P) last printed $90.11, a 24h change of +1.00%. The session's range runs between a 24h high of $91.58 and a 24h low of $88.88, which keeps the day's action compressed well under the weekly ceiling. On the seven-day view, the high stands at $98.16 and the low at $88.24, so the current price sits closer to the lower edge of that weekly band than the upper one.

The latest funding rate reads 0.0099%. Open interest is 9,307,520 SOL, roughly $839M, with a 24h change of +2.31% — positioning has grown modestly while price has stayed inside a tight range.

What the Pullwave indicator shows

The Pullwave CYH Pullback Strategy runs on two timeframes at once. On the 1H chart it maintains a trend filter: a volatility-based trailing line that sits above price in a downtrend and below price in an uptrend. That line is mechanical — it comes from fixed price-and-volume rules, not from any discretionary read — and it defines which direction the strategy is allowed to work in. Execution signals are then taken on the 15m chart, inside whatever direction the 1H filter allows.

Right now the 1H trend filter is DOWN, and the 1H trend line is plotted at $98.49. A 1H candle closing above $98.49 would flip that filter to UP; until that happens, the filter stays in its current state regardless of intraday wiggles.

The indicator has been in a short position state since Oct 8, 11:00 UTC. Its most recent event was an add-on entry on the short side at Oct 31, 20:00 UTC, near $95.78. An "add-on entry" on this indicator means the chart printed an additional entry marker in the same direction as the existing position after a pullback developed inside the prevailing trend — the add-on conditions table on the chart tracks which of those conditions were satisfied. The opposite side of that mechanic is the partial exit: when a move extends far enough, the indicator prints an exit marker for part of the position rather than closing everything at once. No partial exit has printed since the Oct 31 add-on.

Structurally, the 1H chart is described by the indicator as a pullback phase inside the downtrend — price working back up toward the trailing line without the filter having changed state.

Key levels on the chart

• $98.49 — Indicator 1H trend line
• $98.16 — 7-day high
• $91.58 — 24h high
• $88.88 — 24h low
• $88.24 — 7-day low

These are the only levels the indicator and the recent range put on the chart today. The upper cluster around $98.49 and $98.16 is where the weekly ceiling and the trend filter's flip point sit close together; the lower pair, $88.88 and $88.24, marks the session and weekly floors.

Solana ecosystem and official updates

Network status from status.solana.com reads All Systems Operational.

Solana Breakpoint 2026 Adds Revolut Chair, Former Prime Minister, Former Chancellor and City Leaders to London Lineup — Oct 26, 2026. The Solana Foundation added new speakers for Breakpoint 2026, including Revolut Chair Martin Gilbert, former Chancellor Sajid Javid, and former Prime Minister Boris Johnson, ahead of the event on Nov. 15–17 at Olympia London. solana.com

Solana Changelog: November 5, 2026 — Nov 5, 2026. This week's Solana engineering update highlights Rolldown cutting Web3.js bundle time from 2 seconds to nearly zero, alongside new releases for Agave, Firedancer, Anchor, and Surfpool. solana.com

What to watch next

The simplest thing to track is the trend filter itself. If a 1H candle closes above $98.49, the indicator's trend filter would flip from DOWN to UP, and the 15m execution side would then be working in the opposite direction from today's state. As long as 1H closes stay below that line, the filter remains down and the chart stays in the same regime it has been in since early October.

Between here and there sit two reference points: the 24h high at $91.58 and the 7-day high at $98.16. A push through $91.58 would only extend the current pullback phase within the downtrend; the filter would still be unchanged. Price would need to work all the way up past $98.16 before it is even in contact with the area where the trend line at $98.49 lives.

On the downside, the 24h low at $88.88 and the 7-day low at $88.24 frame the base of the recent range. Trade below those would put price at new lows for the week, a condition in which the indicator's existing short state and its trailing 1H line would both remain on the same side of the market. Partial exit markers, if any print, would appear on the chart when the move extends — the indicator draws them directly, so there is nothing to compute by hand.

For anyone following along on TradingView, the indicator displays on the free plan; creating alerts from it requires a paid TradingView plan at Essential or higher. Access is granted on a TradingView username, usually within one business day.