Today I will briefly talk about SOL;
As a high-performance blockchain platform, SOL (Solana) has attracted the attention of a large number of projects and investors with its excellent transaction speed and low-latency features since its launch, and is known as the "Ethereum killer". Recently, with the news that SOL plans to apply for ETF, the market expectations for it have increased significantly. Not only has the price of SOL experienced a strong rise, but the MEME tokens on its chain such as BOME have also become popular, showing The activity and potential of Solana ecosystem.
From the perspective of current technical analysis, after a period of rising prices, the SOL currency price formed a double bottom pattern but failed to effectively break through the previous high, and then began a correction. This market behavior reflects short-term profit-taking pressure and the presence of overhead resistance. In order to grasp the entry timing more accurately, we can use Fibonacci retracement lines for analysis.
Fibonacci retracement theory is one of the commonly used tools in technical analysis. It is based on the golden ratio widely found in nature and is used to predict possible support levels for price retracements. In this scenario, if you connect SOL's recent highs and lows and apply Fibonacci retracement ratios (such as 0.382, 0.500, 0.618, etc.), you can deduce potential retracement support areas. Taking into account the actual operation of the market and the indications of the Fibonacci retracement line, the vicinity of 145 is regarded as a better position to enter the market in batches, because this area may provide strong technical support, and it is also a time for the strength of both bulls and bears to re-establish. Key areas for balance.
