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SOL currently shows slow rise followed by sharp decline, a typical bearish manipulation tactic, with a firm bearish outlook. The market maker gradually pushes up to create a bullish atmosphere, eroding the bears' resolve and attracting retail traders to chase longs and buy in.
The market features are very obvious: rebound strength is very weak, duration is short, while the decline is rapid with large amplitude. Bears completely control the market rhythm. The four-hour level shows divergence at the top along with volume and price divergence, a double resonance, indicating an urgent need for a technical correction.
Market sentiment is overly optimistic, with retail traders strongly eager to chase longs, which is precisely a sign of an impending trend reversal. Coupled with the fact that after the May Day holiday, market liquidity has not effectively recovered, trading activity remains sluggish, with no new funds to absorb sell orders. The probability of SOL breaking down further is very high.
Trading suggestion: Short around 84.4-85, targeting 80.6-80, with a break below 78.