SOL has undergone two days of adjustment, with both high and low points decreasing, forming a consolidation within a descending channel. Overall, it still looks relatively weak. The current rebound has not yet ended, but the pattern appears to be beginning to face resistance, and the trading volume has gradually decreased. It will soon be time to choose a direction. The adjustment within the entire downward channel, if it can successfully break out, will successfully establish a bullish flag pattern, with the potential to continue to push higher and challenge new highs. Additionally, if it continues to adjust downward within the channel, it is very likely to continue probing lower, and the short-term bullish structure will gradually reverse.
Several key levels to pay attention to on the hourly chart
Pay attention to support level
First support: 222.7
Second support: 214
Third support: 209
Fourth support: 197-192
Pay attention to resistance level
First resistance level 234 (currently testing)
Second resistance level 241-243
Third resistance level 246
Trading should follow the trend, with larger trends taking precedence over smaller ones. When the trend arrives, ride the wave; if the situation shifts from favorable to unfavorable, be flexible in changing direction. Resisting the trend is like a mantis trying to stop a car, disrupting your mindset and trading rhythm.
During the night with fluctuations in the US stock market, if there are significant fluctuations, friends, remember to take profits diligently when trading, decisively cut losses, and holding positions without purpose is meaningless.
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