The trend of SOL is quite interesting.
Looking at the four-hour chart, it surged to around $250 before coming down, the latest candlestick closed bearish, and selling pressure is considerable. The trading volume has also decreased, a typical case of price and volume declining together. The MACD bars are still negative but are shortening, indicating a weakening of bearish strength. The KDJ is only at 4, heavily oversold.
The levels given by BOSS Wallet are quite clear: support at $231, resistance at $250. Buy points can be considered around $226 and $233, stop loss at $231.84. Sell points at $250 and $250.82, short position stop loss at $249.6.
The fundamentals are actually good, institutions like Pantera Capital are increasing their holdings. In August, on-chain application revenue was $193 million, very strong. Analysts even see $500. However, the pressure at the short-term level of $250 is indeed significant, and long-term holders may take profits here.
If it can break through 250 with volume and hold, the next target will be 260 or even higher. If the breakthrough fails, it may pull back to around 232 or 214. The key is still the volume; breakouts without volume are false breakouts.