$SOL Can't even hold $90 anymore! It was pushing toward $97 yesterday, and today it plunged to a low of $88.24. It’s down more than 20% in a month, and this one really hurts.

Bottom line: I remain bearish in the short term. Don’t rush to buy the dip just because it’s fallen so much.

This downturn isn’t just a SOL problem. U.S. tech stocks are being sold off, BTC has fallen back to around $75,000, and the entire crypto market is under pressure.

But SOL has another, more troubling issue.

The latest price is $89.7, down 6.8% over 24 hours, with futures trading volume of about $2.375 billion.

Open interest over four hours fell from about 9.21 million coins to 9.14 million, briefly dropping to 8.83 million. This suggests leveraged positions exited during the decline, and are now starting to build up again.

So what’s the move from here?

$90 has already been lost. First watch $93 on a rebound. If it can’t reclaim that level, continue to treat it as weak, with $84–$85 in focus below.

If it gets back above $98 and holds, the short-term bearish outlook is off.

The issue with SOL isn’t a lack of rebound potential, but that every recent bounce has failed to reverse the trend of lower lows.

A big drop doesn’t mean it’s cheap. At least for now, there’s still no clear sign of a bottom.#Gate股票畅聊季 #每周来晒