Brothers, I am Iron Eagle! Just now, I noticed that SOL has failed to break the 145 resistance level for the third time on the 4-hour chart, and it closed below the middle band of the Bollinger Bands — this is a short-term dividing line between bulls and bears! What's worse, the volume below is shrinking green bars, and the red bars are clearly gaining strength, indicating that buying pressure is weak, and selling pressure is accumulating.
From the moving average system, MA5 has crossed below MA10 forming a death cross, while MA20 to MA60 are all densely packed around 124, meaning that if it breaks below the key support, the space below will be opened up! Currently, the upper level of 145 is like an 'iron top', failing to break through three times, indicating that the main funds are wildly unloading at this position, and the bulls have already shown signs of fatigue.
Key point reminder:
Resistance levels: 142 (short-term resistance), 145 (strong resistance)
Support levels: 135-133 (first defense line), 130 (life and death line)
News: The ecosystem is hot, but funds are not following!
Although the Solana ecosystem has been lively recently—with protocols and NFT platforms like Pyth Network, Jito, and DRiP staying active, and new projects continuously launching—the problem is that the heat of the ecosystem has not translated into buying power for coin prices! Although on-chain gas fees are low, large funds are still observing, even using favorable news to offload.
This indicates that the current market sentiment is overall cautious, with signs of capital outflow within the ecosystem, especially large holders continuously reducing positions around 145. Without real money support, relying solely on ecosystem narratives won't drive the market!
Iron Eagle's personal opinion: A downward fluctuation is highly probable.
I will directly express my viewpoint: This wave of SOL's correction will likely test the support range of 133-135, and it might even dip to 130! Why? Because three failed attempts to rise indicate heavy selling pressure above, and retail investors are not eager to chase higher prices. Additionally, the 4-hour volume contraction shows that bulls are hesitant to take positions. Once it breaks below the mid-position of 138.5, the speed of decline will accelerate.
Although there may be repeated fluctuations between 133-137, as long as it doesn't break through 145 with high volume, all rebounds are opportunities to reduce positions! Don't be fooled by sudden surges; the operators love to cut leeks during such times.
What should retail investors do? Remember these three points!
Brothers holding positions: If you haven't run yet, it's advisable to reduce positions when rebounding to around 138-140, and strictly stop loss if it breaks 135.
Empty position brothers: Don't rush to bottom fish! Wait for stability around 133 before making a move. If it breaks 130 with high volume, just watch the show.
Contract players: Focus on short positions, you can try shorting lightly around 140, stop loss at 145, target 133. Strictly forbidden to hold heavy positions!
Iron Eagle reminds you
The market is always counterintuitive! Currently, market sentiment is leaning towards panic, but opportunities often arise after a sharp decline. Be patient, protect your capital, and wait for the trend to clarify before taking action! Follow me, Iron Eagle will guide you to monitor the market with a professional perspective, refusing to be the chopped leek!#加密市场观察
True experts in the crypto world are not gods, but analysts of signals. Iron Eagle will help you become such a person, without playing tricks. Follow Iron Eagle's homepage, Iron Eagle Town is where I share practical skills daily. From novice to expert, you're just one correct guide away. I'm here, waiting for you to fight alongside me.$SOL
