SOL is now at 72u. Last year it rose to a high of 295u. Now it has more than halved, dropping by nearly half. The decline is already very severe.

But the problem is that a severe drop does not mean it has bottomed out. Right now at 72u there is a resistance level, and above at 75u there is an even thicker wall. Before these two levels are broken, any rebound will be difficult to sustain.

The support below is at 65u, and further down is 60u. 60u is the lowest point this year, and there are people defending that level.

The good news is that SOL's ETF was launched at the end of last year. Fidelity and Bitwise have both issued it. Institutions have started to come in. It's not that nobody wants this coin.

The bad news is that the overall market is weak right now, SOL is falling along with it, and sentiment hasn't picked up yet.

My current view is to wait and see at 72u, and see if it can break above 75u.

If it firmly holds above 75u, you can try to go long. First target is 85u, stop loss placed below 68u.

If 65u cannot hold, then look directly at 60u below. At that level I will reconsider my position.

Don't rush now, wait for the level.