Recently, the overall market has been fluctuating back and forth around the current price level, while SOL has been relatively quiet, with prices oscillating around 123.69, as if waiting for some signal. The RSI indicator is currently at 44.9, neither strong nor weak, making it hard to determine the direction. In the past, when encountering such consolidation, it was either the main force quietly accumulating strength or funds slowly retreating; it's hard to judge which situation is more likely now.
One possibility is that SOL's current consolidation may be digesting the pressure from a previous slight increase. Since there has been no significant increase in trading volume, it indicates that everyone is not in a hurry to operate, which actually makes the correction healthier. If the price can stabilize around 123 going forward, coupled with moderate volume increase, SOL may attempt to break upward again. After all, there have been no major negative news affecting market sentiment recently, and there have been some minor movements in the SOL ecosystem, with holders remaining relatively stable. Based on these factors, I believe the likelihood of a direct sharp drop for SOL is low; it is more likely to slowly regain an upward rhythm.
If the overall market begins to cool down, even if it's just a slight shrink in trading volume and a gradual price decline, SOL, which lacks significant hot support recently, can easily be overlooked by the market. The RSI indicator is already close to the oversold area; if the price breaks below the support level and no one takes over, it could trigger a wave of passive selling. The K-line of SOL over the past few days shows short bullish candles and long bearish candles, indicating a clear lack of bullish strength. At this time, blindly bottom-fishing carries great risk.
If you really want to operate, you should wait for the RSI to return above 50 or for the price to clearly break through the current consolidation range. As someone who has been in the market for many years, what I fear most is not missing an opportunity, but rather a single impulsive operation leading to severe losses. SOL's fundamentals are not problematic, but market trends are always determined by actual movements, not by imagination. For now, observe; I think the price level of 123 is very critical.
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