ChainCatcher news, trader Eugene Ng Ah Sio posted an explanation of why SOL is currently the most watched among mainstream coins:
In all charts (SOLBTC, SOLETH, and SOLUSD trading pairs), we are at or close to the 'value' levels of the high time frame (HTF);
The undervaluation below $200 provides a good entry point for today's bulls;
The funding rate has been declining and has now entered negative territory, indicating that some form of perpetual contract hedging is occurring, as the open interest (OI) has barely changed. This is further interpreted as multiple market participants using SOL as the short part of their hedging portfolio due to the weakening momentum from $260.
As @docXBT said, these are important levels that need to be respected to some extent, especially on the high time frame (HTF). As a bull, I am willing to attempt an entry at these levels. However, if these levels are lost, we will soon enter dangerous territory.
