I am your old buddy, the city lord. Today, as soon as I opened my eyes, I saw SOL drop from 138 dollars to 130 dollars directly. My brothers are panicking—Is this a cutting of leeks or a golden pit? Let's skip the nonsense and go straight to the hard facts!
News
Yesterday, the US Solana spot ETF suddenly surged to 4.9 million dollars! This money didn't come from nowhere; institutional investors dared to buy the dip around 130 dollars, what does that indicate? Smart people think this price is attractive! But don't rush to slap your thighs—ETF inflows are a long-term signal, short-term still depends on technical indicators.
Technical Analysis
The K-line has recently been like a roller coaster, peaking at $144.9 and dropping to a low of $127.55. The 7-day moving average is swaying at $131.86, while the 30-day moving average is pressing at $135.07; the short to medium-term trend is indeed conflicting!
Here comes the key point - the support levels of $130.97 and $128.84 are like the old city wall; breaking below easily triggers panic selling. But note that all three RSI values are in the 30-40 range, and the market is close to the oversold zone! Also, looking at the descending triangle pattern, although it seems like it might break down, combined with the MFI money flow index at 57.2, it indicates that there is still capital quietly accumulating.
Now operating SOL, remember three words - Steady, Accurate, Ruthless!
Steady: Focus on the key support levels of $130 and $128.84. If the price stays above $130, it means the main force is still protecting the market, and you can try a small long position; if it falls below $128.84, immediately stop loss and exit, don't go against the trend!
Accurate: Look for a rebound at the resistance level of $136.6! If the price reaches here, don’t be greedy, take some profits first. The RSI is currently in the 30-40 range, a rebound from oversold conditions may be imminent, but don't chase it high, wait for a pullback to enter!
Ruthless: The ETF's aggressive purchase of 4.9 million is an open secret, but retail investors need to learn to 'borrow strength to strike'. When the main force pushes down to the support level, dare to buy low; when it rises to the resistance level, dare to sell high. Don’t be scared by short-term volatility, and don’t let the dream of getting rich cloud your judgment - those who make big money in the crypto world are all 'anti-human nature' experts!
City Lord's Opinion
The price is currently stuck around $130, and I suspect the main force might play a 'first drop then rise' tactic - first breaking down through $130 to test the support at $128.84, forcing retail investors to cut losses, then reversing to surge towards the resistance at $136.6!
Now is not the time to panic, it’s the time to closely watch the key levels! When to buy the dip, when to exit, I will send you signals in real-time when you enter the City Lord's village! Remember - when others are fearful, I am greedy; when others are cutting losses, I am picking up shares! Follow the City Lord and you won’t get lost, I’ll lead you through the bull and bear markets to make big profits!
Follow the City Lord to avoid 90% of retail pitfalls, join the City Lord's village, and let's meet tonight at 10 PM in the village! I’m always hunting for coins with 10x returns!
