Warning! $SOL High-level fluctuations hide dangers, MA60 suppression leads to a 40% drop in trading volume, will $213 become a meat grinder?
SOL's 1-hour K-line is in a high-level fluctuation range today, with the current price at $203 close to the previous high of $213.66 but has not broken through. MA5 and MA20 are showing an upward trend, but MA60 still suppresses it, and the medium-term trend has not completely turned bullish. The trading volume has not significantly increased at high levels, indicating insufficient upward momentum.
On the news side, Cboe submitted applications for four Solana spot ETFs, which, if approved, will lead to capital inflows. The launch of USDS stablecoin and the 500 million ME token airdrop are positive for the ecosystem.
On-chain STH-NUPL-0.38 is close to the bear market bottom, PSIP 36.5% is near the historical bottom range, RPC 132 USDT has slightly dipped below, but there is massive column support in the 123-126 range. DeFi institutions have increased their holdings to 690,000 coins, showing confidence.
In my personal view, short-term high-level fluctuations need to break through $213.66 and increase volume to confirm an upward trend. If obstructed, beware of a pullback to the 173-188 range, with 123-126 on-chain as the last line of defense.
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