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' level on the higher time frame (HTF); the undervaluation below $200 provides a good entry point for today's bulls; the funding rate has been declining and is now in negative territory, indicating that some form of perpetual contract hedging is taking place, as open interest (OI) remains nearly unchanged. This is further explained by multiple market participants using SOL as the short part of their hedging portfolio due to its waning momentum starting from $260.
As @docXBT mentioned, these are important levels that need to be respected to some extent, especially on higher time frames (HTF). As a bull, I am willing to try to enter at these levels. However, if these levels are lost, we will soon enter a danger zone. [Original link]
