SOL is currently around 73u, down 4.1% today. This week has been even worse, down 5.7%. It’s one of the major coins that has been relatively weak over the past few days.

But when you extend the timeframe to one month, it’s still up—about 3.6%—which suggests that the base from the earlier rally is still there, but this week it has clearly started to pull back. The 24-hour high is 77.36 and the low is 72.87, and today’s drop has been fairly volatile.

After the prior rally, it consolidated sideways for a while, but now it looks like this bottoming process hasn’t made new highs—instead it has begun to break downward. This kind of price action, with the monthly chart still holding up while the weekly chart has already weakened, indicates that short-term momentum is indeed fading.

It’s still far from the all-time high of 293. It has fallen by three quarters. The current level itself isn’t expensive, but this short-term weakness needs to be endured first.

At this level, if it can hold the 72.87 24-hour low, it will most likely keep grinding along for the bottom rather than accelerating the selloff. If it can’t hold this level either, then you may need to look at lower support. If you already have positions, don’t panic and add more for now. If you’re chasing a short, you can follow the trend over the past two days, but note that the monthly chart hasn’t turned bearish yet, so a rebound could come at any time. #sol $SOL