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Good afternoon everyone, today is a new week. At the beginning of the new week, Solana’s trading price was about $176, a drop of more than 5.8% in 24 hours. Prices have fully fallen below key moving averages, and the technical structure has clearly turned bearish. Analysis of key technical positions The resistance is in the $182-185 range, which is an important pressure area for the short-term rebound. Stronger resistance is located at $188-192, and a breakthrough of this area is needed to reverse the decline. In terms of support, $175 has become the current key psychological level. If it loses this position, it may further test $172, with deeper support at $165. Interpretation of technical indicators The MACD indicator is below the zero axis and the histogram is accelerating expansion, confirming that the short momentum is strong. RSI readings continue to be below the 50 neutral line, reflecting that downward pressure has not yet eased. The Bollinger Bands show that prices are moving along the lower track, and the widening of the opening indicates an increase in volatility. Market long and short factors On the positive side, the US Solana spot ETF saw a net inflow of US$199 million in the first week, and the European Solana pledged ETP maintained its lead in scale, indicating that institutional funds are still deployed. The ecological activity on the Solana chain continues to increase, and the weekly trading volume of the perpetual contract platform exceeds US$5 billion. The negative pressure mainly comes from the divergence between technical aspects and capital flows. Despite the inflow of ETF funds, the price continues to break, reflecting heavy retail selling pressure. Bitcoin fell below $109,000 and Ethereum fell below $3,800. Market weakness intensified the selling pressure on SOL. Operational strategy suggestions In the short term, we should mainly wait and see, and it is not advisable to buy the bottom before the price is below 182 US dollars. If there is a stagflation signal after rebounding to the resistance area of 188-192 US dollars, you can consider short positioning and set the stop loss above 195 US dollars. If it falls below the $175 support, the short pursuit target is $165. In the medium and long term, positions can be gradually opened in batches in the $165-172 support area to avoid heavy positions at one time. Effectively falling below $160 requires suspending the layout plan to guard against the risk of a deep correction. Positions should be strictly controlled in all transactions. A single position should not exceed 10% of the total funds. It is recommended that the leverage be controlled within 3 times. Pay close attention to the progress of the Solana network upgrade in November and the overall trend of the Bitcoin market. Summary and outlook SOL's short-term technical outlook is bearish, and $175 has become a key watershed in the long-short battle. If this position is lost, the downward channel will open to the $165-150 range. If it can stabilize and rebound, it will need to break through $182 and $188 to reverse the current decline. The analysis in this article is for reference only. There are risks in the market, so investment needs to be cautious. Cryptocurrency is unpredictable, stay safe and secure, more real-time guidance ⬇️⬇️⬇️⬇️⬇️  |
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