Today, SOL is grinding sideways in the 167 block. It seems calm on the surface, but there are hidden secrets—don't let the market's hesitation make you miss the opportunity to get on board!
Brothers, from this morning's K-line chart, the SOL/USDT pair has been fluctuating around the 167.9 range (the green horizontal lines in the candlestick chart indicate key support and resistance; 164.72 is short-term support, and 170.08 is a major resistance above).
You're not mistaken. The purple and orange trend channels are narrowing like a clamp, forming a typical 'market contraction' signal—this is known as a 'volatility squeeze' in the veteran circle, meaning volatility is squeezed to the extreme, and a one-sided market could break out at any time.
Combining today's hot news: The Solana mainnet upgrade plan was announced (TPs soared to over 100,000), and Coinbase launched a new SOL trading pair. This is originally great news, but it coincided with Federal Reserve Chairman Powell's statement of 'slowing down the pace of interest rate cuts', putting pressure on the market.
So what's the result? The SOL price is stuck around 167.94, with a slight decrease in trading volume (the trading volume data in the chart shows that buying pressure is lukewarm).
I have been in the crypto circle for ten years, and I know that this sideways movement is the calm before the storm.
For example: Last month, when SOL broke through 180, it was due to a similar breakout strategy after contraction—at that time, I had my team positioned at the 160 support level, resulting in a 30% profit. But friends, don't just be optimistic: this time the key resistance level is at 170.08. If the market pulls back, SOL may drop to test the 164 or 160 support (the area marked with the red box is the 'key resistance level'; if it can't break, it's dangerous).
My opinion? The fundamentals of the SOL ecosystem are strong. A short-term pullback to the 165 area is a good buying point, but don't use too much leverage, as the overall environment is in a cold war. Remember, the crypto market is not afraid of falling; what it fears is being unprepared!
Tomorrow's Solana meeting may reveal new cooperation news. Will it be the tailwind for SOL to break through 170.08 or a bearish trap?
Focus on contraction—my team is gathering to prepare for this battle, with 50 new member positions open for a limited time. Let's seize this wave of profit together, don't wait until there's a riot to regret!
