Solana (SOL) Trend: Bull Trap or Reversal?
Recently, the trend of Solana (SOL) has once again attracted widespread market attention. Judging from the weekly chart, SOL has returned to the previous triangle consolidation range, and has shown a significant rebound momentum after experiencing sharp declines in the previous week and yesterday.
With the sharp increase in trading volume today, this buying boom has caused many investors to think: Is this a "bull market trap" or a signal that the market is about to reverse? From my personal perspective, Solana seems to have found its bottom support.
But then again, everything still depends on how the market closes today. After all, the saying "the closing price determines everything" plays a decisive role in the stock market. Today, I read many analysis articles, many of which believe that the current situation may be a bull market trap.
However, my current situation is also a bit delicate. Because at this time, Bitmex CEO Arthur Hayes, who is also a well-known billionaire in the cryptocurrency industry, made some remarks. His statement was like a red warning flag, indicating that the market may usher in a new era. A round of declines he called the "second wave of the crash."
Faced with this background, my strategy became relatively cautious. I believe that if Solana fails to successfully break above the $150 resistance level, then this is likely to be a bull trap. Therefore, I will remain patient and wait for further market movements.
Specifically, if SOL encounters resistance and pulls back while trying to hit $150, then I will see it as a good opportunity to add to the position; and once it successfully breaks out and stands above this level, I will not hesitate Enter. This is the "Periodic Fixed Amount Investment" (DCA) strategy that I adhere to, which is to capture investment opportunities by continuously observing market dynamics and flexibly adjusting positions.
I like spot goods and want to raise funds together to stock up on spot stocks in the bull market.
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