SOL Market Analysis
The current market for SOL has a strong correlation with Bitcoin and Ethereum, but there are still distinct differences in its trend compared to Ethereum. Currently, the daily chart for SOL has not fully engulfed the previous rising fluctuation range, and there are still many resistance levels supporting a continued decline, with strong support still at 161 below.
From a structural perspective, the previous three-wave upward structure has deteriorated, and we are currently in a continuous downward correction, showing a persistent bearish continuation.
However, the current market volatility is greatly influenced by news, and one should not blindly pursue short positions. It is recommended to keep trading strategies similar to those for Bitcoin and Ethereum, waiting for a correction to short or setting appropriate stop-losses to catch potential rebounds.
During the trading process, support levels below such as 187 and 175 can be used as references for taking profits on short positions and for trading rebounds.
Lastly, I want to remind everyone that the recent market fluctuations are significant, so it is advisable to maintain good stop-losses while trading, treat it rationally, and avoid holding onto losing positions!
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