7.8 Wednesday SOL afternoon outlook


As of afternoon, SOL is currently at $78.31, down about 3.04% in 24 hours, after hitting a high of $82.75 and pulling back under pressure. The broader market BTC is also weakening, and the highly elastic SOL has fallen more. Trading volume has slightly decreased, and buying support is insufficient.

This round of decline originated from a cascade of high-leverage long liquidations around $80, coupled with selling pressure from large token transfers to exchanges. With a major ecosystem unlock approaching on the 12th, funds fled for risk aversion ahead of time.

Technically, the daily moving averages have turned down, and indicators are short-term oversold. There is only a need for a technical bounce, with no reversal signal for now. Short-term resistance is $80.80-$81.30, strong resistance at $82.50-$83; short-term support at $78.30-$78.60, key defense at $75. If it breaks below, look towards the $70 level.
Trading suggestion: go long first then short. Long at $77.95-$78.20, target $81-$82. Upon reaching the target, reverse to short with target $79-$78$BTC $ETH $SOL
BTC-2.23%
ETH-2.35%
SOL-5.35%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned