What position will SOL's decline reach in this round? What price can we enter again?
Recently, after SOL's price hit a high of $264, it experienced a significant decline.
Will the price stop here, or is it gathering momentum to push towards higher prices?
First, from the recent market performance, SOL's price has dropped about 10% under the influence of the overall market correction and briefly broke through the support level of $230.
Although the price has now recovered above $230, there has not been a strong rebound, and compared to the rebound strength of mainstream coins like ETH,
it seems a bit lackluster.
This indicates that SOL's price is currently still in an adjustment phase.
From the market heat perspective, BTC's recent failure to break through the psychological barrier of $100,000 has triggered a wave of profit-taking sell-off.
This wave of sell-off not only affected BTC itself but also impacted other mainstream coins like SOL.
With BTC's significant correction, coins like BNB, XRP, and DOGE have also experienced substantial declines.
Recently, SOL's RSI indicator has shown a divergence phenomenon.
During the rise from November 8 to 26, SOL's price reached a peak, but its RSI indicator has shown a daily downward trend, with the highs continuously decreasing.
This divergence between price increase and RSI decrease usually indicates that the price rise is beginning to weaken, and profit-taking is accelerating.
From a technical indicator perspective, SOL's price still has a risk of decline in the short term.
The previously positioned bonk, doge, and xrp have also doubled and exited.
The next positioning direction is still aimed at the lucrative opportunities in MEME, especially those projects with high potential.
Currently, there are already two promising ones, waiting for the price to drop to the right level to ambush in, doubling is quite simple!!!
Don't be like a headless fly bumping around everywhere, hoping to gain several times returns in a bull market; comment 111, follow my steps, devour the profits, and enjoy the dividends of the bull market together!
