SOL Technical Analysis: Price Surge Proves Fleeting, Market Returns to Consolidation Pattern
Rapid Reversal of Gains: The five-day upward trend was completely erased in just three days, with prices constrained by the daily MA30, failing to break through the upper boundary of the red consolidation zone.
Significant Correlation Effect: SOL failed to establish an independent trend, following BTC's pullback, further validating the logic of "the trend follows Bitcoin."
Technical Analysis
Moving Average Resistance: The daily MA30 continues to decline, indicating that the medium-term trend remains bearish, with any increase seen merely as a rebound rather than a reversal.
Weak MACD Momentum: The indicator is below the zero line and shows signs of increasing downward momentum, with no short-term signals indicating a stop in the decline.
Key Support Area: Around 142 serves as a potential rebound point for short-term bulls; if it stabilizes or rebounds to 153, a fall below would target the 134-120 range.
Operational Strategy
Short-term Opportunity: If the price pulls back to around 142 and shows signs of stopping the decline, a light long position could be taken, targeting 153.
Trend Trading: When the rebound approaches the 156-167 resistance zone, a short position could be arranged, especially paying attention to the pressure near the previous high around 167.
Long-term Pattern: Maintain a wide range consolidation judgment of 120-180, avoiding chasing highs or panic selling until the previous high is broken.
Key Levels
Resistance Levels: 156 / 167 / 177
Support Levels: 142 / 134 / 120 / 110
Summary: The short-term trend of SOL is constrained by BTC and technical resistance, with the 142 support level being a critical point for bulls and bears. Overall, maintain a strategy of primarily short positions with supplementary low entries, waiting for the market to choose a direction.
