SOL soared from a low of $8 to $295, a 35-fold increase over more than two years.
Now danger signals are arising.
In January this year, when it surged to $295, it formed a long upper shadow, indicating significant selling pressure.
Recently, it rebounded to around $184, a key resistance level, but then weakened; every time it rises, it fails to generate trading volume.
For three consecutive months, the daily chart has shown shrinking bullish candles and expanding bearish candles, clearly indicating an advantage for the bears.
Many people feel that SOL is stronger than Ethereum, and they rush to buy on every dip, which conveniently provides an opportunity for large holders to sell.
Recently, there is a flurry of good news, yet it just won't reach new highs.
Like Ethereum, I am optimistic in the long term; if you believe, it exists; if you don't, it doesn't.
Just hold on!