Honestly, I’ve been watching SOL all afternoon, and the more I look at it, the less right it seems.
It’s at $79.24 now, down 3.01% today. It fell from $83.48 to $77.85, then bounced back a little. A lot of people see that bounce and start calling the bottom, but I’m not so sure.
Why? There are too many longs: 78.30% of traders are long, and 81.62% of large traders are long too. The funding rate is still +0.01%. Open interest fell 0.55% in an hour—money is flowing out, while traders are still crowding in.
The technicals look the same. Price is stuck below the MA7 at $84.39 and the MA25 at $94.45. The MACD has been bearish for 43 daily candles. The RSI(6) at 10.85 is oversold, but it can stay oversold.
Also, FTX unstaked 204,044 SOL, worth about $16.89M. They may not sell, but it could still spook the market.
So here’s my take upfront:
Over the next few hours, SOL will most likely test $79.80 first. If it can’t break above that level, it could turn back down to $77.85, and if that doesn’t hold, $75.50.
If it can hold above $80.50, then my bearish call is wrong—I’ll own it.
My plan:
Bearish, short
Entry: 79.20–79.80
Stop loss: 80.50
Target 1: 77.85
Target 2: 75.50
What do you think? Will it hit $77.85 first, or can it break above $80.50?
By the way, have you looked at BTC and BNB? With SOL this weak and BTC unstable, it’ll be hard for BNB to rally on its own.
— Med BHN 7
#SOL #BTC #BNB #cryptocurrency #Solana
It’s at $79.24 now, down 3.01% today. It fell from $83.48 to $77.85, then bounced back a little. A lot of people see that bounce and start calling the bottom, but I’m not so sure.
Why? There are too many longs: 78.30% of traders are long, and 81.62% of large traders are long too. The funding rate is still +0.01%. Open interest fell 0.55% in an hour—money is flowing out, while traders are still crowding in.
The technicals look the same. Price is stuck below the MA7 at $84.39 and the MA25 at $94.45. The MACD has been bearish for 43 daily candles. The RSI(6) at 10.85 is oversold, but it can stay oversold.
Also, FTX unstaked 204,044 SOL, worth about $16.89M. They may not sell, but it could still spook the market.
So here’s my take upfront:
Over the next few hours, SOL will most likely test $79.80 first. If it can’t break above that level, it could turn back down to $77.85, and if that doesn’t hold, $75.50.
If it can hold above $80.50, then my bearish call is wrong—I’ll own it.
My plan:
Bearish, short
Entry: 79.20–79.80
Stop loss: 80.50
Target 1: 77.85
Target 2: 75.50
What do you think? Will it hit $77.85 first, or can it break above $80.50?
By the way, have you looked at BTC and BNB? With SOL this weak and BTC unstable, it’ll be hard for BNB to rally on its own.
— Med BHN 7
#SOL #BTC #BNB #cryptocurrency #Solana
