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SOL is at a key technical gaming point: short-term short forces dominate, but important support areas and oversold signals also create conditions for a rebound. 📊 Current market overview The real-time price of Solana (SOL) is approximately between $156 and $159. This price is fully below its key short-, medium-, and long-term moving averages (MA-20 at $185.42, MA-50 at $203.90, and MA-200 at $179.90), confirming that the market as a whole is facing downward pressure. In the past 24 hours, the price of SOL once dropped to around $146 and then rebounded, but the current rebound momentum shows weakness. 📉 Detailed explanation of technical analysis Understanding the following key price levels is very important for judging SOL’s next move: · Resistance level (upward pressure level): · $159-$162: This is the most immediate resistance area. There is a newly formed bearish trend line on the hourly chart also exerting pressure here. · $165-$168: Stronger psychological and technical resistance. A break above this area could reverse the short-term decline and open room for a further test of $172 or even $180. · Support level (downside buffer level): · $150-$155: Immediate support range in the near term. Market analysts observed that buyers began to accumulate chips in this area. · $146: Vital support base coinciding with recent lows. Once it falls, it may drop to the $138 or even $126 area. Technical Indicators and Market Sentiment Currently, multiple technical indicators show that the market's short-term sentiment is bearish, but it also breeds the seeds of a rebound: · Momentum is weak: The daily MACD indicator is still below the zero axis, confirming that short momentum is dominant. · Oversold condition: The relative strength index (RSI) reading on the daily chart is at 35.17, which has entered the oversold zone. This usually means the sell-off may have been overdone, hinting at the possibility of a technical rebound but not yet confirmed by the market. · Insufficient Volume: The Energy Wave (OBV) indicator, which measures market momentum, remains suppressed below the downtrend line. Each rebound quickly subsided because trading volume failed to effectively amplify, reflecting a lack of buying confidence. 🔍 News updates The news presents a complex situation of long and short intertwining: · Positive factors: · ETF inflows continue: Despite overall market weakness, U.S. Solana spot ETFs (including Bitwise’s BSOL and Grayscale’s GSOL) have received more than $417 million in cumulative net inflows since their launch. Even on November 6, the SOL ETF bucked the trend and recorded an inflow of $9.7 million, achieving seven consecutive days of net inflows. This was in sharp contrast to the outflows of the Bitcoin and Ethereum ETFs. · On-chain dynamics: Stablecoin issuer Circle issued an additional 750 million USDC on the Solana network on November 7. This usually means that potential activity and liquidity on the chain may increase, which is a potentially positive sign. · Risk factors: · Exchange selling pressure: On-chain data shows that the exchange experienced a net inflow of 17,649 SOL on November 5. This is in sharp contrast to the net outflow the previous day, indicating that short-term selling pressure has picked up. · Stablecoin scale shrinks: At 07:12 on November 7, Beijing time, USDC Treasury destroyed more than $104 million in USDC on the Solana chain, which may mean that on-chain liquidity has tightened in the short term. 🤔 Operation strategy suggestions · short term · Before the price effectively breaks through $162, it is recommended to remain cautious and avoid blindly chasing higher. · You can pay attention to the performance of the price towards the support area of 150-155 US dollars. If a stabilizing K-line signal (such as a long lower shadow) appears in this area, you can consider short positions to test long positions. · If the price rebounds to the resistance zone of 159-162 US dollars and the momentum weakens, it will be an opportunity to reduce positions or test short positions. · Risk control: If the price effectively falls below the support of $146, you should consider stopping the loss and leaving the market to prevent the risk of further decline. · Medium and long term · There is no need to rush into a heavy position at the current price. This pullback can be seen as an opportunity to deploy in batches. · The ideal reference area for opening a position for the first time is around US$150. If the price can fall back to the US$138-146 area, it will be a more ideal time to add positions in batches. · Set the overall stop loss reference level below $126. · Strictly controlling positions is the top priority in the current market and avoiding excessive use of leverage amid volatility. · Pay close attention to the trend of the Bitcoin market. Whether BTC can hold the key level will directly affect the sustainability of SOL's rebound. 💎 Summary and outlook The short-term technical structure of SOL is obviously bearish, but the oversold state has paved the way for a technical rebound. The strength of the support area of $146-155 is crucial and is the line of defense that bulls must guard. · You should remain cautious in short-term operations, strictly set stop losses, and try to capture opportunities for oversold rebounds. · Long-term layout requires more patience, waiting for market sentiment to calm down and the technical structure to repair. Despite the short-term technical pressure, the continued institutional capital inflows brought by ETFs and the rapid development of the Solana ecosystem itself (such as integration with Visa, Shopify and Western Union) remain important long-term value supports. This article does not constitute any investment advice and is for reference only. Please stay safe with the huge fluctuations in the cryptocurrency market. More real-time guidance⬇️⬇️⬇️⬇️  |
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