Currently, SOL's one-hour level trend is extremely delicate!
The current price is reported at 208, having just experienced a rapid drop from the upper Bollinger Band to the lower band, and the MACD has formed a death cross, resulting in strong bearish sentiment in the short term.
There is heavy pressure above, with 215 and 220 being two key strongholds, especially with large sell orders near 215, making it very difficult to break through;
The support below is located at 209 and 201, with 201 being a strong support area during the recent sideways movement. Once it is lost, it may trigger a chain sell-off.
From a technical perspective
SOL is currently at the end of a triangular convergence, and the trading volume is shrinking, indicating that a trend change is imminent.
If the price can break above 215 with volume, it is expected to activate buying momentum, testing 220 or even higher (the liquidation heatmap shows a large amount of long leverage near 220, with sufficient short liquidation fuel).
However, if it cannot stabilize above 215, the death cross effect may exacerbate the downside risk, especially if it breaks below the 201 support, the space below may open up to the 195-198 area (the heatmap shows a dense short liquidation pool in the 205-202 range, but once it breaks below 201, panic selling may occur).
The news front is the biggest variable tonight!
At 20:30 Beijing time, the U.S. July core PCE price index year-on-year will be announced, which is the Federal Reserve's preferred inflation indicator.
If the data is below expectations (previous value 2.8%, expected 2.9%), it will be bullish for cryptocurrencies, and SOL may take the opportunity to surge, breaking above 215 and challenging 220;
If the data is above expectations, hawkish sentiment will heat up, and SOL is very likely to break below the 201 support, seeking lower levels (even below 195).
Mig's perspective:
I believe the short-term bullish and bearish game for SOL has entered a heated phase, and 215 is the watershed!
Even with a positive PCE, attention must be paid to whether the breakout is accompanied by volume (beware of false breakouts);
If it's bearish, the 201 support will definitely break, but there are a large number of short liquidation orders below 200, which may trigger a 'crash and rebound' scenario.
Regardless of bullish or bearish, there will be a big market tonight! Retail investors must remember to set stop-losses to avoid holding positions that lead to liquidation.
If you want to accurately capture the second target after SOL breaks above 215, or the rebound buying point after breaking below 201, feel free to follow Mig's exclusive channel!
After tonight's data, I will interpret the key order distribution and the direction of main funds in real-time, guiding you to ambush the next opportunity!#资金涌入推动SOL上涨
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