#加密市场回调

8.15 Market Overview: SOL Ascending Wedge

Since last November, SOL has been racing alongside Bitcoin, reaching an all-time high of 290 in January this year; there are claims that SOL will replace Ethereum as the second largest; while ETH has remained sluggish in the first half of the year, SOL has been underperforming this month, yet ETH's position as the second largest remains unshakable. Now there are again claims that SOL cannot compare to Ethereum; market sentiments follow the trends, when the market surges, you might be the second largest or even Bitcoin, but when the market is flat, you're nothing and get criticized everywhere.

SOL’s short-term spot entry was at 175.09, hoping to spike to 220, exited at 219, but it retraced to 209 instead; however, overall, as long as it does not fall below 180, it remains a bullish market; spot position reduction is still placed around 220, aiming to regain 203, with potential above 220; long-term positions continue to hold.

SOL is forming an ascending wedge, with significant upward potential; there's an opportunity to lightly long at a pullback to 194.25, with a stop at 188, targeting 203.12 and 208; conversely, a light short can be set up at 203.12, with a stop at 205.86, targeting 196.81 and 192.94.

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