SOL yesterday formed a relatively long bearish candle, with trading volume shrinking by about a quarter compared to the previous day. The price has currently pulled back to near the daily MA30 line, but this moving average itself is still in a downward trend, and the support strength is not very strong. The MACD is operating not far above the zero line, with downward momentum continuing to increase, indicating an overall trend leaning towards adjustment.
Currently, the price is fluctuating repeatedly near the support level, bouncing up and down frequently, indicating that both bulls and bears are still fiercely contesting. The daily MA30 is not a strong and effective support; what is truly worth paying attention to is the daily MA120 moving average below. Once the price falls back to this area, it might be worth considering a bold layout.
The MA120 and the area marked in red in the chart will form a double support structure, and around 164 will be a point worth seizing for a rebound entry. If it can reach this area, a decent rebound trend is expected to occur.
Key position reminders:
Resistance levels: 197, 213, 237, 250
Support levels: 174, 164, 156, 145, 136
