Are you feeling anxious watching SOL fluctuate up and down? You fear chasing high when it rises and fear being trapped when it falls. Don't rush, Qi He combines the recently released heavyweight news and the 1-hour market to explain tonight's market in detail and finally tells you what players with different positions should specifically do.
News:
This is the point I want to highlight, and it is also the biggest variable tonight! FTX/Alameda has moved again, just unpledged 194,800 SOL, and is about to transfer them to exchanges like Binance and Coinbase to prepare for selling.
Key data is here, 135.8, which almost perfectly coincides with our chart's key level 135! This is definitely not a coincidence. This indicates that above 135 dollars, there has long been a massive selling pressure from the bankruptcy fund. They are currently holding 550 million dollars' worth of goods, which is the 'Sword of Damocles' hanging over SOL.
Technical aspect:
First, let's look at our 1-hour candlestick chart. The trend is indeed upward, with the candlesticks standing above those colorful moving averages, and the MACD maintaining a golden cross above the zero line, which gives the bulls confidence. The latest price is 137.92, and the next target is clear, which is the 145 resistance level marked in the chart.
However, Qi He's view is very clear: it is extremely difficult to break through 145 in one go tonight! Why? Because the area around 135-138 has now become an 'invisible wall'. The chart marks 135 as a 'key level', and this is not without reason.
Qi He's personal view:
Tonight, the market is highly likely to follow the script of 'surge-fall-fluctuation'. The bulls will first test the upper resistance due to technical advantages, but as long as the price approaches the average selling price area of FTX, huge psychological pressure and newly generated actual sell orders will emerge, bringing the price back down.
Will it directly crash to the 129 support? If it happens tonight, it will only be if the market experiences panic across the board. The greater possibility is to fluctuate within the wide range of 130-145, with the upper side facing FTX's selling pressure and psychological pressure, and the lower side supported by trends and funds. What you need to worry about is not a one-sided crash but this kind of 'grinding' fluctuation, which will wash away all the impatient people.
How should players respond?
There are two ideal entry points: one is to pull back near the 135 key level and observe whether it can stabilize;
Secondly, a more stable approach is to wait for it to pull back to the 129-130 support area and accumulate in batches.
The first lesson of trading coins: buy on divergence, sell on consensus, and don’t catch the falling knife when emotions run high.
If you already hold a position:
Set your profit-taking level. If the price surges to the 142-145 area, consider reducing your position slightly to secure some profits and put yourself in a proactive position.
No matter what position you hold, you must do this:
Set a stop-loss! This is your only guarantee for survival. If your long position cost is above 135.
I am Qi He, a companion willing to help you understand the market and navigate through bull and bear cycles. Follow me, in the next article, I will tell you what the 'key signal' is that determines the timing of SOL's future explosion. We should not be the leeks of news; if we do, we should be the smart money that is prepared.
Follow Qi He, + chat room to help you avoid pitfalls, and dissect the subsequent capital trends in real time to seize every window for profit!
