Brothers in the crypto circle, the recent fluctuations in SOL's market are thrilling, even more exciting than riding a roller coaster! What secrets are hidden behind this plummet? Is bottom fishing really a bargain, or are we jumping into a pit of fire? Let's discuss openly today.

The truth behind the crash unveiled

On August 1, 614,000 SOL were dumped into the exchanges all at once, causing mass panic in the market. Coupled with Trump postponing tariffs until August 7, high-risk assets suffered, and SOL, as one of them, naturally bore the brunt. Additionally, new regulations for stablecoins in Hong Kong led to a 35% shrink in liquidity within the Solana ecosystem, akin to suddenly hitting the brakes on a speeding car, causing SOL's price to plummet. Technically, the outlook is also bleak; a death cross has appeared on the daily chart, and if the psychological level of $170 is broken, it’s like a domino effect, with $450 million in leveraged long positions being liquidated, leading the market into a vicious cycle.

Key positions for bottom fishing revealed

However, opportunities often hide within crises. Now, when bottom fishing for SOL, there are three key price levels to watch closely. The first is the $165 - $168 range; if the price dips here, one can start with a 30% position, similar to sending a scouting team onto the battlefield. The second is the $157 - $160 range; when reaching this position, add another 50% to the position, intensifying the attack. If the price falls below $150, don’t hesitate—go all in, as this is a once-in-a-lifetime opportunity.

Positive news comes to the rescue

Don't think SOL only has bad news; in fact, there’s plenty of good news. Seven institutions, including Fidelity and Grayscale, have submitted revised SOL ETF documents, and the probability of regulatory approval has risen to 70%. It’s like an exam; SOL has passed most subjects and is just one step away from the finish line. Moreover, whales are also eager to get in, going long on SOL with 10x leverage, with a position size of $42.3 million, providing a strong boost to the market. The REX - Osprey SOL ETF has also performed excellently, with a net inflow of $2.1 million in a single day and a total of $137 million raised since listing, indicating strong market confidence in SOL.

Ecological development has highlights

The share of the token issuance platform pump.fun on the Solana chain has risen to 29.9%, and developer activity has increased by 17% week-over-week, indicating that Solana's ecosystem is continuously growing, like a big tree with increasingly developed roots. Furthermore, Solana has launched the first interest-bearing BTC asset, zenBTC, opening up a compliant revenue channel, which is like opening a new door for Solana, providing broader future development space.

Potential risks must be monitored

Of course, investment cannot only focus on the positives; risks must also be monitored at all times. The implementation of US tariffs on August 7 and the compensation to Mt. Gox creditors may cause SOL to drop again. If it falls below $150, the amount of leveraged liquidation could exceed $800 million, like a ticking time bomb that could explode at any moment. To hedge against risks, one could buy weekly put options with a strike price of $155 or go long on SOL/BTC futures as a form of insurance.

Future prospects are promising

In the short term, the odds of a rebound at $165 - $168 are 1:3, meaning the probability of profit is quite high. In the medium term, if the ETF is approved, a conservative target price could reach $260, akin to climbing a mountain; we have already reached halfway and just need to push a bit harder to get to the top. In the long term, with ecological reconstruction and RWA implementation, the TVL is expected to return to $20 billion, and the future for Solana looks bright.

However, investments must still be cautious; it’s best to limit positions to within 15% of total funds, and never use leverage, or you might lose everything in an instant. Additionally, keep a close eye on the tariff decision on August 7 and the SEC’s ETF approval, as these are critical nodes determining SOL’s future trend.

Brothers in the crypto circle, opportunities always favor the prepared. Whether this SOL plummet is the prelude to a counterattack or a deep abyss trap depends on how we seize it. Let’s wait and see what surprises SOL will bring us next!

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