SOL is currently around 94u. First, the conclusion: I won’t deny this trend, but I won’t chase at this level.
Today’s move is very dramatic. In the early hours it pushed straight through 100, with a high of 102.7, then within an hour it crashed from around 102 down to 87.7. Now it’s back near 94 again. In a single day, it swings 15% back and forth; the volume has expanded to three to five times the usual. Above $100, there’s genuinely supply pressure—not just a routine shakeout.
The upside also needs to be made clear: over three days it’s up 22%, over seven days 25%. Open interest is still increasing, and over the past three hours, large spot orders have seen net inflows across 12 candles—every one has been red. The longs-to-shorts ratio in big-holder accounts is also rising. The trend hasn’t broken; money is still there—that’s a fact.
The problem is that it’s too hot in the short term. RSI is already above 82, and on the spot leverage side the long/short ratio is more than 12x—longs are piled too heavily. This long upper wick today is a concentrated release. For it to keep rising afterward, it first needs to digest the trapped positions and unwind some leverage.
So in one sentence: bullish, but don’t chase. Either wait for a pullback to 88–90 and then see it hold, or wait for it to reclaim 96–100 with fresh volume. Chasing into this middle zone has mediocre risk-reward.
#sol $SOL
Today’s move is very dramatic. In the early hours it pushed straight through 100, with a high of 102.7, then within an hour it crashed from around 102 down to 87.7. Now it’s back near 94 again. In a single day, it swings 15% back and forth; the volume has expanded to three to five times the usual. Above $100, there’s genuinely supply pressure—not just a routine shakeout.
The upside also needs to be made clear: over three days it’s up 22%, over seven days 25%. Open interest is still increasing, and over the past three hours, large spot orders have seen net inflows across 12 candles—every one has been red. The longs-to-shorts ratio in big-holder accounts is also rising. The trend hasn’t broken; money is still there—that’s a fact.
The problem is that it’s too hot in the short term. RSI is already above 82, and on the spot leverage side the long/short ratio is more than 12x—longs are piled too heavily. This long upper wick today is a concentrated release. For it to keep rising afterward, it first needs to digest the trapped positions and unwind some leverage.
So in one sentence: bullish, but don’t chase. Either wait for a pullback to 88–90 and then see it hold, or wait for it to reclaim 96–100 with fresh volume. Chasing into this middle zone has mediocre risk-reward.
#sol $SOL