Fellow cryptocurrency traders, I'm Mig. Tonight's SOL has once again set the market on edge—the one-hour candlestick chart has just plunged from the upper Bollinger Band, strongly falling through the middle band, and is currently stuck at the key level of 185! This isn't just an ordinary price fluctuation, but rather a concentrated outburst of intense trading between bulls and bears!
Technical analysis: 185 is the key, but not the end!
Judging from the current market, SOL has seen a "large pressure order" near 184.60, indicating that the main force has deployed heavy defense here, and the upward pressure is obvious. The nearest support below is around 180. If this level is broken, the sentiment may further deteriorate.
However, it's worth noting that the Bollinger Bands are beginning to narrow, indicating a compression in volatility, which often signals a market reversal. If SOL can maintain above 185 with strong volume, it could potentially regroup and test the 191–195 resistance zone. Especially if this is accompanied by increased trading volume and follow-up orders from major players, a push towards 195 is certainly within reach.
On the contrary, if it fails to break through 185, it is likely to retest the support level of 180. At that time, we need to be vigilant against the risk of accelerated decline caused by serial selling pressure.
News: The ecosystem is active + big investors are making undercurrents!
Although the overall market is still in a volatile pattern, the SOL ecosystem has not been quiet recently:
DeFi protocols such as Jito and Marinade continue to attract capital;
NFT transaction volume ranks among the top three public chains;
Many institutions are still building up their positions in a low-key manner.
What does this mean? The fundamentals haven't collapsed; large investors are simply taking advantage of the situation to buy stocks. The current price remains within the value range in the long term, but short-term traders must respect market signals—185 is the clear dividing line between bulls and bears!
MiG’s Viewpoint: Why do I say “a breakthrough is imminent”?
In my opinion, SOL is currently on the brink of a "gathering momentum" phase. The main force is clearly repeatedly testing the market around 185, unwilling to easily pull the price up or allow it to crash. This kind of market manipulation usually means that once the market chooses a direction, the magnitude will be significant.
My personal preference is: as long as it does not break 180, the medium-term outlook is still bullish. Especially if it can recover above 185 tonight, it is very likely to make a strong rebound with the help of market sentiment and news!
Lay a clue: What is the key?
Whether you're bullish or bearish, now is definitely not the time to act blindly. Beyond the obvious 185 level, the true market trend depends on two hidden signals: one from on-chain data and one from the derivatives market. Once these two signals resonate, the direction will become clear!
Remember: Markets are born out of despair and rise amidst hesitation. Should you invest before the market starts to rise, or chase the market after it starts to rise? Pay attention to key levels and remain patient. We don't make empty promises; we only follow real market logic.
Blind trading = losses! Follow MiG and learn professional thinking and strategies, and say goodbye to "trading by gut feeling"! Click on the profile picture to start your change!