It is clear that trying to crash SOL all at once is not that simple. Yesterday it dropped to 160, and many people were calling for it to see 130, but when I checked this morning, it had returned to 170, with a 24H increase of 4.43%. Is there a short position that got liquidated?
The famous trader Zhu Su announced that he has gone long on SOL at a price of $170.5, and the USDC Treasury has also announced the minting of 250 million USDC on the Solana chain. It seems premature to say that SOL has been abandoned.
Most people believe that SOL's decline is due to several factors: one is the significant unlocking, and another is that a series of recent meme coin scandals have affected investor sentiment towards the Solana network. Of course, there’s also the recent surge in meme coins on the BNB chain impacting SOL.
Currently, it seems okay; with just these factors, trying to crash SOL doesn’t appear to be that easy. SOL seems to be holding up, especially since there are still positive expectations like ETFs in play.
I’m not as smart as Zhu Su; I went long at 190, and now my cost is still stuck at 187, waiting on the mountaintop for the liberation army in the middle of winter.
However, looking at the overall market, this decline is not just about SOL; basically all coins are falling. Bitcoin fell below 94,000 yesterday, and it is said that large whales were liquidated. It’s not just one coin’s problem; as long as we can hold on and endure until the market rebounds, I think I still have hope for a recovery.
Embarrassingly, my operations over the past two years have basically been a cycle of 'buying - getting stuck - waiting for recovery.' Well, what can be done? Let’s send a red envelope to encourage SOL's bulls, hoping the liberation army will come to the mountaintop soon to rescue us. Just enter 'SOL雄起' in the comments to receive a random BNB red envelope! Wishing everyone a prosperous Year of the Snake! #红包 #红包大派送 #红包🧧
$SOL
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