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Core trend review SOL fell significantly on September 22, with a drop of 5.83%, closing at $222.53. The price failed to hold the key support area of 237 to 240 US dollars that day, and the market saw a large amount of profit-taking, with a net outflow of approximately US$139.6 million. The decline continued on September 23, with the current price fluctuating around US$219.83, hitting a low of US$216.92 in 24 hours. On-chain data shows that a large amount of SOL has been transferred to exchanges, which may increase short-term selling pressure. technical analysis In terms of key price levels, the current resistance level is between $227 and $232, which includes the 20-day moving average and the previous support conversion area. Stronger resistance lies at $237 to $240. Current support is in the $209 to $215 range, which includes the 50-day moving average and key psychological support. If this support fails, the next support levels are $192 and $180. Technical indicators show that prices are testing the support line of a rising wedge, a pattern that typically signals weakening upward momentum. The MACD indicator shows that short-term momentum has weakened, and the RSI is showing a similar signal. The long-term ascending channel from March currently remains intact, but key support at $209 needs to be held. In terms of market sentiment, the recent transfer of a large amount of SOL to exchanges may increase short-term selling pressure. However, the fundamentals of the Solana ecosystem remain stable, including positive factors such as continued institutional positions and network capital inflows. Operation suggestions For the short term, it is recommended to remain cautious. Positions can be considered to moderately reduce positions when the price rebounds to the resistance range of $227 to $232. Those with short positions should not rush to buy the bottom. It is recommended to wait for the price to show a stabilizing signal in the support area of 209 to 215 US dollars before considering intervention. For the medium and long term, the current callback can be regarded as a layout opportunity. It is recommended to adopt a strategy of building positions in batches and buy in batches near support levels such as $210 and $200 to effectively spread costs. At the same time, a reasonable stop loss needs to be set, for example, set the stop loss below $205. Strictly control positions and avoid one-time heavy position operations. It is necessary to pay close attention to the overall trends of Bitcoin and Ethereum, as well as the Solana network upgrade and related policy developments. Summarize SOL faces technical adjustment pressure in the short term, with the key support area at $209 to $215. Adopt corresponding strategies based on your own risk tolerance, be cautious in the short term, and focus on layout opportunities brought by callbacks in the medium and long term. Please note that the cryptocurrency market is highly volatile and this analysis is for reference only and does not constitute investment advice. More real-time guidance on DingTalk below  |
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