$SOUN (Daily) – Pullback Into 0.618 Support and Trendline Conflu

Analysis based on the daily timeframe. Price retraced sharply from recent highs and is now testing a major confluence area combining Fibonacci, trendline support, and prior structure. This zone has historically attracted buyers and often marks a higher-low formation in an active uptrend.

Structure

• Price pulled back into the 0.618 retracement of the full summer rally
  
• Retest of the rising trendline within the broader ascending channel
  
• Demand zone aligns with prior support/resistance flips
  
• RSI approaching oversold levels, consistent with pullback exhaustion
  
• Bias: cautiously bullish while holding above the current support cluster
  

Key Levels

• Support: $12.80–$13.30 (primary demand zone)
  
• Resistance: $14.70, $16.17, $18.25
  
• Invalidation: daily close below $12.50
  

Fibonacci or Wave Targets

• 0.618 retrace → $13.00 area (current reaction zone)
  
• 0.50 retrace → $14.67
  
• 0.382 retrace → $16.17
  
• 0.236 retrace → $18.25
  

Outlook / Scenarios

• Primary scenario – Price forms a higher low above $12.8–$13.3 and rebounds toward $14.7 and $16.1 as momentum recovers.
  
• Alternate scenario – Breakdown below $12.50 opens room toward $11.59 (0.786 fib) and potentially $9.70 if the trendline fails.
  

Holding above the $12.8–$13.3 cluster keeps the daily bullish structure intact.