$SOL is currently at a delicate balance point, with the $147 level becoming a battleground for both bulls and bears. From the chart, the current price of $147.88 is just near the cost line, like two martial arts masters confronting each other at the edge of a cliff, any misstep could trigger violent fluctuations. The lower Bollinger Band at $147 acts like a moat, temporarily supporting the downward momentum, but the 200-day moving average at $149 above acts like a heavy stone pressing down on the price.
Upon close observation of market details, some interesting signals emerge: trading volume has halved compared to usual, like the calm before a storm; although the price is falling, the open interest is also decreasing, indicating that major funds may be secretly repositioning. The bull-bear ratio continues to decline, like a scale slowly tipping towards the bears, but often at such times, an opposite reaction is likely.
For short-term traders, it feels like walking on a tightrope right now. It is recommended to test the waters around $147.5, setting a stop-loss at the previous low of $146.5, targeting the resistance level at $149. The risk-reward ratio of this strategy is quite reasonable, akin to betting one dollar to win a dollar seventy. However, special attention is needed as the current market leverage is alarmingly high, and the funding rate shows that the bears have a slight upper hand, like a powder keg that could be ignited at any moment. If the key support at $146.5 is broken, one must decisively stop-loss and exit; otherwise, it could result in devastating losses from a sudden crash.
The market is continuously changing, and we are closely monitoring it to seize new entry opportunities. Like and leave a message, let's navigate this bull market and seize this major opportunity.
