September 29 | SOL Daily Thoughts: Prefer Short on the Bounce
First, the chart: This SOL move has pulled back from around 119 down to a low near 116.35. Currently the price is 116.86. MA7 is about 116.98, and MA30 is about 116.84. Although there is a slight rebound in the short term, the overall trend is still weak. No clear reversal signal is visible yet.
Entry: Around 117.20—117.60. On the rebound upward, focus on where it faces resistance.
Stop loss: Above 118.10.
Targets: 116.40 → 115.90—115.60 → around 115.00.
If it drops directly to around 116.40, do not chase a short; wait for the rebound to be confirmed again. If 116.40 is decisively broken to the downside, and a retest in the 116.40—116.60 area cannot hold, you can continue to look lower. Conversely, if it regains and holds above 118.10, pause the short-biased idea, and only consider shorts again after watching the 118.50—119.00 area from above.
News: Today, SOL is still affected by the broader market’s risk-off sentiment. Latest market information shows SOL remains in a pullback intraday. At the same time, U.S. Treasury yields are staying elevated, and oil prices remain high due to the Middle East situation. Near-term pressure on risk assets is still present.
Key takeaway: Today’s SOL setup is not suitable for directly chasing shorts near 116.8, since the current price is already close to the short-term low. Focus on waiting for the rebound zone of 117.20—117.60; once price reaches that area, reassess for a short. 118.10 is the key defensive level. $SOL #sol
First, the chart: This SOL move has pulled back from around 119 down to a low near 116.35. Currently the price is 116.86. MA7 is about 116.98, and MA30 is about 116.84. Although there is a slight rebound in the short term, the overall trend is still weak. No clear reversal signal is visible yet.
Entry: Around 117.20—117.60. On the rebound upward, focus on where it faces resistance.
Stop loss: Above 118.10.
Targets: 116.40 → 115.90—115.60 → around 115.00.
If it drops directly to around 116.40, do not chase a short; wait for the rebound to be confirmed again. If 116.40 is decisively broken to the downside, and a retest in the 116.40—116.60 area cannot hold, you can continue to look lower. Conversely, if it regains and holds above 118.10, pause the short-biased idea, and only consider shorts again after watching the 118.50—119.00 area from above.
News: Today, SOL is still affected by the broader market’s risk-off sentiment. Latest market information shows SOL remains in a pullback intraday. At the same time, U.S. Treasury yields are staying elevated, and oil prices remain high due to the Middle East situation. Near-term pressure on risk assets is still present.
Key takeaway: Today’s SOL setup is not suitable for directly chasing shorts near 116.8, since the current price is already close to the short-term low. Focus on waiting for the rebound zone of 117.20—117.60; once price reaches that area, reassess for a short. 118.10 is the key defensive level. $SOL #sol
