CoinVoice has recently learned that trader Eugene Ng Ah Sio posted an explanation of why he is currently most focused on SOL among mainstream coins:
In all charts (SOLBTC, SOLETH, and SOLUSD trading pairs), we are at or near the 'value' levels on higher time frames (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 taking place, as open interest (OI) has seen little change. This is further explained by multiple market participants using SOL as a short part of their hedging portfolio due to its weakening momentum starting from $260.
As @docXBT mentioned, these are important levels that need to be somewhat respected, especially on higher time frames (HTF). As a bull, I am willing to attempt to enter at these levels. However, if these levels fail, we will soon enter dangerous territory. [Original link]
