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Click to follow the daily password 👇No barriers, no rice Over the past few days, SOL price has been trading sideways, unable to break through the key resistance level of 200. As an altcoin, it has failed to stabilize its upward momentum, making investors increasingly cautious. Looking at it this way, SOL may soon face a new round of selling pressure, and the recent recovery trend will slow down accordingly. Now Solana holders are leaving. As can be seen from the changes in net holdings on the exchange, SOL showed signs of selling for the first time in three weeks. Previous attempts to break through the 200 resistance level were unsuccessful, leading some investors to take profits, which also indicates a possible short-term decline. The sell-off shows that investor confidence has declined after a surge at the beginning of the month. If the sell-off continues to intensify, Solana may not be able to sustain its current price levels.  Data source: Glassnode The CMF indicator also confirms the recent bearish sentiment. This indicator has now fallen to a six-month low, indicating that the SOL market is experiencing massive outflows. This means that market liquidity is decreasing, which not only limits the possibility of a quick rebound of SOL, but also puts greater pressure on its existing resistance level. The drop in the CMF indicator requires special attention. After all, Solana has failed to break through the resistance level many times, and it is difficult to stabilize the upward momentum. Continued capital outflows could further weaken price support and delay recovery, especially if overall market conditions are unclear or risk appetite continues to decline.  Source: TradingView SOL is currently trading at 185, just above the support level of 183, having failed to break above 200 before. The failed breakout leaves SOL in a fragile position, with investors watching to see if it falls below its current range. If the bear market continues, SOL price may trade sideways above 175, or it may fall even further. Once it falls below the support level of 183, the price will most likely go down to around 175 ； If the decline continues, SOL may even fall to 170 in the next few trading days.  Source: TradingView But if SOL can rebound from 183, this altcoin may try to break through 200 again. A successful breakout would strengthen the uptrend and push the price above 208. As a result, the current bearish argument is untenable, and it also shows that investor confidence is recovering. That’s it for today’s article, I just wanted to join in and chat with you. QQ: 3928791161 |
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