$SOL Sol may go back to 100!

On Monday morning, after the weekly K-line closed, Sol's weekly chart completed the formation of a top reversal, and the closing price was 157.62, while the 5-week moving average was at 164.7. The closing was below the 5-week line, so after the weekly line peaked at 187.67, it is highly likely that the weekly chart will make a downward move. A downward move will inevitably lead to the formation of a bottom reversal, and now that the top reversal has just formed, there will still need to be a downward central area constructed before reaching a new low. This weekly line has only just moved down by about 30% to 40%, and it is far from over.

Therefore, according to this idea, the next step is to rebound and go short; the 5-week line remains a strong resistance in the 164-168 area.

The only situation that can break this weekly downward classification is if the price again attacks 164 in the next couple of days and then falls back to stabilize above 160; in that case, the shorts will not be taken, or it will turn into a long position afterward. Otherwise, the short strategy will continue.

Last night there was originally an opportunity, but the bulls were weak; 164 was directly pushed back to 154. It was strong but not lasting, which is also not good.