$SOL Callback to 170 Support, Is the Spot Bottom Fishing Opportunity Arriving?
SOL has recently shown weak performance, mainly for two reasons: first, Grayscale's SOL ETF has been postponed to October, leading to market concerns about potential further delays, resulting in short-term capital withdrawal; second, on-chain MEME coins have failed to generate significant profit effects, even within the SOL ecosystem, PUMP and BONK have erupted in internal strife, causing tension in on-chain capital.
However, the pullback has brought opportunities. On the weekly chart, the area around 170 is a clear support level, which had a rapid volume rebound after a sharp decline, indicating that the market has reached a consensus. For spot trading, this position is worth continued attention, especially since the passing of the ETF is just a matter of time, and there is still potential for subsequent catch-up. The long-term target of 250 remains unchanged.
