Xu Xu Baby's Analysis of SOL Market on August 10
Currently, the price of SOL is fluctuating around 170, with intense competition between bulls and bears. From a technical perspective and recent trends:
- Support Level: The first support level is 165, where multiple rebounds have stabilized before, serving as a key defensive line for the bulls; if broken, the second support level is 160, which is an important technical support area and a round number. If this level is lost, the price may accelerate downwards.
- Resistance Level: The first resistance level is 175, where the candlestick has hit this point multiple times and met resistance, with obvious selling pressure; if broken, the upper level of 180 is a strong resistance level formed by previous highs.
Analysis of Price Movements
Currently, both bullish and bearish factors are present in the market. If there are more favorable news in the future, such as smooth project progress or new applications being implemented, SOL is expected to break through the resistance level and rise; if the overall market weakens or negative news appears, it may break the support level and decline.
Strategy Recommendations
- Breaking Support Level: If the price falls below 165, it may continue to explore 160 in the short term. It is recommended to reduce positions and observe first to avoid short-term risks. If 160 is also broken, consider taking a light short position, targeting 155, with a stop-loss set at 162 to prevent losses from a rapid price rebound.
- Breaking Resistance Level: When the price effectively breaks through 175, consider moderately entering long positions, targeting 180, with a stop-loss set at 172 to control risk. If 180 is also broken, long positions can continue to be held, with further target levels focusing on 185, while gradually moving up the stop-loss to protect profits.
