6.29 Monday SOL Midday Outlook

Today the overall market is in panic decline, Bitcoin lost the 60k mark, SOL weakened in tandem, with the price falling below $70 to a low, after a slight rebound it maintained narrow oscillation between $70-71, with volatility far greater than Bitcoin and Ethereum, and a weaker trend than the mainstream large-cap coins.
On the macro level, the bearish environment has not improved. The Fed's hawkish stance continues to delay rate cut expectations, while the US dollar and Treasury yields remain high. All high-volatility risk assets are simultaneously facing capital sell-offs.
On the technical chart, it has been in a downtrend channel throughout, with prices continuously under pressure below the short-term moving average. Each minor rebound is accompanied by concentrated selling from unwinding positions, leading to a quick peak and pullback. Short-term key support is at $70; if it is effectively broken, it will directly test the mid-term defense level of $65. The above short-term resistance is at $73-75, where a large number of previous bagholders are accumulated, making it difficult to break through and open up rebound space in one go.
Currently, the indicators are in the oversold zone, with only minor short-term correction needs. The overall bearish dominant pattern remains unchanged. Before the market shows a stabilization signal, the rebound momentum is very poor. The main intraday rhythm is a peak and pullback, continuously testing low support.
Trading suggestion: short at 73.5-74.5, target 70$BTC $ETH $SOL