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Weak water 3,000 only take a scoop Good morning! I am Xiaobei. SOL is known as the killer of Ethereum, with the advantages of high performance and low fees, huge transaction volume, and its number of daily active addresses has long been at the forefront of public chains. Ecology is the strongest support for fundamentals, such as: DeFi ecology, including decentralized exchanges (Raydium, Orca). NFT and social, meme coins, etc. However, SOL has had two downtime security incidents in its history. This is an unchangeable history. The FTX bankruptcy estate holds billions of dollars in SOL, and the liquidation plan poses continued potential selling pressure on the market. Today we take a look at SOL’s weekly chart:  1. It falls below the long-term upward trend line. The left side of the upward trend line is a bull market and the right side is a bear market. Of course, it will not fall sharply immediately. There is also a buffer period in the middle. 2. From the bottom of 8 US dollars to the highest point of 295 US dollars, it has increased 36 times. The space is adequate. 3. It took 749 days to rise from the bottom to the top, and the time was also consistent. 4. It fluctuated at the top for 357 days after March 11, 2024, and the market makers had enough time to ship. 5. The closing lines formed a double top pattern on November 18, 2024, and January 13, 2025. The amplitude of breaking the previous high was relatively small, and both tops were V-shaped reversals. 6. The neckline is at 176 US dollars, which entered the bearish downward attack stage and fell below on February 17, 2025. This is where the shorts can increase their volume. 7. After entering the downward trend, it formed a wedge shape from 4.7 to 10.6, and fell below the lower line on 10.6. A drop below the lower line was a confirmation signal, and the wedge shape maintained the original trend. 8. The high and low points are gradually moving downward. 9. The weekly line has no stop signal yet. 10. MACD is above the zero axis, forming a dead cross nearby. Comprehensive analysis: SOL is unlikely to break the previous high. It is currently in a downward trend and has not yet stopped falling. Technical analysis is only about doing things with high probability, not 100%. There are a lot of retail investors holding sol in the market now, and many people are currently trapped. My analysis definitely goes against the public expectations in the market. If you have any opinions, please leave a message in the comment area. It is a pleasure to study and learn together. Welcome to add V to communicate,  |
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