From the provided 1-hour and 4-hour candlestick charts, the following key points can be observed:

  • Short-term observation: After a significant drop recently, SOL on the 1-hour chart touched 188.23 yesterday and then rebounded. Currently, it is oscillating around 196. As seen in the chart, short-period moving averages (such as EMA7, EMA10) are beginning to converge, indicating that the market may gradually stabilize.

  • Medium-term trend: The 4-hour chart indicates that SOL formed a rapid decline after the upper high of 223.14, and the current price is still below the middle band (BOLL) of the Bollinger Bands, with the bearish trend still dominating the market, but there is a possibility of a slight rebound in the short term.

2. Technical support and resistance levels

Combining the Bollinger Bands, moving average system, and recent price trend analysis, the following key points are provided:

  • First support level (Zhiying level 1): 193.50 (near the lower band of the Bollinger Bands, also a recent low point.

Support position above, short-term support effectiveness is relatively high).

  • Second support level (Zhiying level 2): 188.00 (yesterday's low point, if the price breaks below this level, it may trigger further declines).

  • First resistance level: 198.50 (the middle band of the Bollinger Bands near the current price, the price needs to stabilize at this level to confirm a short-term rebound).

  • Second resistance level: 203.00 (position of the EMA30 moving average on the 4-hour chart, an important medium-term resistance).

  • Stop loss level: It is recommended to set at 187.00 to prevent unexpected breaks leading to larger losses.

3. Operation suggestions

Based on technical analysis and market trend predictions, the operating strategy is as follows:
Short-term operations (suitable for swing traders):

  • If the price can effectively stabilize at 198.50, consider lightly entering long positions between 199.00-200.00, targeting 203.00, with the stop loss placed below 196.00.

  • If the price breaks below 193.50, consider shorting in the short term, targeting the 190.00-188.50 area, with a stop loss set above 195.50.

Medium-term operations (suitable for conservative traders):

  • Observe whether the price breaks through 203.00, if it can stabilize at this position, it indicates that the trend may reverse, and based on this, consider placing long orders, targeting 210.00 or even 215.00, with a stop loss recommended at 198.00.

  • If it breaks below 188.00, the bearish trend will continue to strengthen. Consider shorting at a high level when it rebounds to the 190.00-192.00 area, targeting the 180.00-175.00 area, with a stop loss set at 194.00.

From the current trend, SOL may oscillate around 196.00 in the short term, but if it cannot effectively break through 198.50, it is highly likely to continue testing the support level below 193.50 or even 188.00. Today leans towards a weak oscillating trend, but there is a possibility of a slight rebound to the 198-200 area.

Overall strategy recommendation is conservative, avoid chasing highs and cutting losses, control positions and set stop losses strictly. At the same time, pay attention to market sentiment and macro data's impact on the cryptocurrency market, especially the correlation effect of Bitcoin.

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