A lot of the $SOL traders are most likely going through the development of preparing to be rugged by their feelings once more.
All of a sudden, every little dip is “the market is over” and traders are rushing to go short after half the move has already taken place. In the meantime, the graph lies there silently, suggesting as it does all the time:
one more liquidity grab down… then a turnaround which surprises all.
But yes, Panic first, Analyze later.
The good thing is that the market is not completely exhausted yet.
1H RSI around ~39? Weak, yes. Completely oversold? Not even close.
Despite being quite bearish, MACD is already showing some signs of weakness.
The actual enticement right before your eyes?
Liquidation below $87.8-$88 zone.
Markets simply can't get enough of finishing up unfinished business before turning the other direction. How do things generally go after that?
Quick flush lower.
Weak hands sell the lows.
Late shorts are like geniuses for 12 minutes.
Then the turnaround begins and all of a sudden, there are “long term believers” everywhere.
Here is the place at which impatient traders invest cash in the market.
Or they miss and sell that very low because of fear.
Meanwhile, patient traders wait for a patient exhaustion — the real one, that is, because the best trades are usually not a pacer's favorite.
Unfortunately, emotional traders would rather learn it over and over again rather than just once.$SOL
