$SOL
In-depth analysis of SOL price: Long-short battle, where will it go in the future?
Brothers, SOL fell again today! After hitting a record high on November 23, it has fallen for four consecutive days and is now back to around $230. What exactly caused this wave of pullback? Don't worry, let's analyze it from many aspects:
1. The overall weakness of the market drags down the price of SOL
Recently, the overall sentiment of the crypto market is not good, especially the big brother Bitcoin (BTC) failed to break through the $100,000 mark and directly pulled back to $92,536, bringing down a number of altcoins, including SOL.
Bitcoin fell 5.8% in the past 24 hours, exacerbating the market's risk aversion.
Ethereum is also falling, down 1.2% in the past 24 hours.
The total market value of the crypto market evaporated 7% in 48 hours, reaching $3.2 trillion.
This wave of overall selling is mainly due to the excessive leverage in the market, which leads to a lack of bullishness. Brothers, you must keep your mind steady at this time, otherwise it is easy to "stand guard".
2. Solana-based tokens fell collectively
SOL's tragic trend today is inseparable from the performance of its ecosystem. Data shows that the total market value of Solana-based tokens fell from US$347.8 billion to US$228.8 billion on November 26, shrinking by 34% in just one day!
At the same time, total trading volume surged by 43.2%, indicating that market selling pressure is very strong.
3. Bearish divergence exacerbates risks
The most important point is that technical indicators issue warnings:
From November 8 to 26, SOL prices continued to hit new highs, but RSI continued to fall, forming a typical bearish divergence.
In addition, on November 22, RSI once reached an overbought level of 77, indicating that the bulls have "run out of ammunition and food", and the bears took the opportunity to counterattack.
Brothers, this is a classic "false prosperity", and short-term profit-taking has exacerbated the adjustment range.
How will SOL go in the future?
1. Support level: If the sell-off continues, SOL may fall to $225, or even $206, a stronger support range.
2. Possible rebound: But if SOL stops falling at the current price, bulls may be able to organize a counterattack and challenge $250 again. However, this depends on whether the overall market sentiment warms up.
In summary: SOL is currently entering the adjustment stage, don't rush to buy the bottom, watch more and do less, and wait for the support level to consider! Brothers, although the market is falling, there are still opportunities, stay steady and don't panic!