6.8 SOL Midday Thoughts: Follow the Trend for a Short at Higher Levels

SOL’s rebound is only a technical pullback after a sustained selloff streak—not a trend reversal, but a “sweet trap” laid out by the bears. The weak market structure has long been set in stone. Even though it dipped to 62.97 over the weekend and rebounded to 66.5, volume was hollow and buying interest was thin. This is simply a contest of existing funds; large capital has not truly moved in.

On the technical side, the daily chart shows a complete bearish alignment. After the hourly chart tapped the 67-68 strong resistance zone, bullish momentum has run out. The RSI turns down from the high range, and the MACD red histogram bars shorten—clear signs that a pullback is underway. Resistance at 68 is the line between life and death; a breakout is unlikely. Support at 63 is fragile, and if it breaks, price could head straight to 60, or even 50.

This current rebound is the last opportunity to reduce positions before exiting, not a time to buy the dip. SOL’s downtrend is far from over; after luring longs, there will be an even deeper dip. Keep a tight grip on your holdings and follow the trend to short at higher levels—this bear-market feast is only just getting started.

Trading suggestion: Look for shorts in the 66-68 range, with targets at 60-58; if it breaks down, continue lower to 50.