🚨 Solana (SOL) Faces a Test: Can Bulls Hold the $75 Level?
SOL has entered a correction phase after failing to stabilize at the local high of $88. Since February 8, the price has dropped nearly 10%. Here are several core factors raising market caution:
1️⃣ Hidden bearish divergence: The 12-hour chart shows lower highs. Technically, this is a typical signal of cooling market conditions.
2️⃣ Surge in exchange inflows: On-chain data reveals a dramatic shift in sentiment. On February 9, there was still a net outflow, but by the 10th, over +245,000 SOL had flowed into exchanges. This typically signals potential selling pressure.
3️⃣ Speculators dominate the market: The "HODL Waves" metric shows an increase in the proportion of short-term holders who have held coins for 1 day to 1 week. These "fast money" speculators are extremely sensitive to price fluctuations and can easily exit during panic, exacerbating the decline.
📍 Key support level — $75
This is currently the most important psychological and technical support range. If this level is breached amidst the selling frenzy of speculators, SOL may face a deeper correction.
Trading strategy: Focus on the trading volume near $75. This could either be the best entry point for a rebound or a signal that a deeper correction is beginning. 📉📈
Do you think SOL will rebound or break below $70? Feel free to share your thoughts in the comments! 👇
