$SOL Weekly Alert: The Downtrend Continues, The Key Defense Line is Critical!
I see that SOL has wilted again this week, hovering around the price of 147, and it just can't hold firm. The weekly chart clearly shows it's being pressed down hard, with the crucial resistance line tightly holding it down. The MACD is behaving in a way that tells me the downward momentum has not been fully released. Right now, the market feels like both buyers and sellers are practicing Tai Chi, neither willing to take strong action, while a bunch of people outside are just watching with their hands in their pockets, the atmosphere is cold as ice.
My core view is very clear: the adjustment is far from over, and the overall direction is still bearish! Occasionally, there might be a bounce, but those are just technical retracements meant to deceive, don't take them seriously. Unless one day it can break through 170 with huge volume, this bearish pattern won't change. The most critical area right now is 140-135; I'm keeping an eye on it. If it can't hold here, things will get serious.
If it really breaks down, where do I look? First, I’ll look at 120-115, which is a buffer zone. But in the worst-case scenario, I have to keep 107 in mind. Don't think it's impossible; when the market goes crazy, anything can happen! Anyway, I wouldn't dare to bottom-fish easily before the trend is clear, the risk is too high.
The market is constantly changing, and we are closely monitoring it to seize new entry opportunities. Like + comment, let's ride through the bull market and seize the big opportunity this round.
