Is the SOL pullback an opportunity?
Recent reasons for the decline:
ETF delay hits confidence: Grayscale's SOL ETF application has been postponed until October, disappointing short-term investors who are selling off.
On-chain vitality weakens: The popular MEME coins in the SOL ecosystem (such as PUMP and BONK) are underperforming or even experiencing 'infighting', leading to insufficient on-chain funds and profit-making effects.
Why is it worth paying attention to?
Key support emerges: On the weekly chart, strong support is evident around the $170 level. The price quickly 'spiked' to this level and then rapidly pulled back, accompanied by increased volume, indicating that this is a 'bottom area' widely recognized by the market.
Core expectations remain unchanged:
ETF is just delayed: The expectation for the approval of the SOL ETF still exists, and its eventual approval is highly probable; it’s just a matter of time.
Recovery potential remains: Compared to other major cryptocurrencies, SOL still has room for recovery.
Operational suggestions:
For spot investors, the current area around $170 is worth considering for gradual entry points, with a long-term target still optimistic, looking towards $300-$500.
Opportunities in the SOL ecosystem:
JUP (Jupiter)
Positioning: Leading DEX aggregator on Solana (trading/limit orders/DCA/perpetual/Launchpad).
Strategy: Positioning around the current price of $0.53. The weekly chart shows bottom consolidation.
Target: $0.7 - $1+
RAY (Raydium)
Positioning: Important AMM (Automated Market Maker) on Solana, deeply integrated with the Serum order book.
Strategy: Gradual entry in the range of $2.8 - $3 (strong signs of accumulation).
Target: $5 - $8+
Key points:
JUP: Current price ($0.53) positioning, bullish towards $0.7-$1+.
RAY: Gradual buying in the $2.8-$3 range, bullish towards $5-$8+.
Summary in one sentence:
Optimistic about the SOL ecosystem, buy JUP around the current price of $0.53, target $0.7-$1+; buy RAY in batches at $2.8-$3, target $5-$8+. 🚀
