SOL's recent market movement is quite interesting. From a low of just over $131, it has been oscillating upward, only slightly pulling back near the $140 psychological level, and is now consolidating around $139.
Looking at the candlestick chart, the lows are getting higher, and the highs are also being refreshed, which is a typical bullish control pattern. The line at $136.5 is a short-term support level; once the price pulls back to this area, buy orders will likely enter to support the price, and there haven't been any particularly fierce declines. Even more interesting is that as the price moves upward, the open interest also surges. When it reached $140, open interest jumped from 9.4 million to 10.2 million, indicating genuine new capital entering the market to push the price higher, not just a false rally.
From a trading perspective, you might consider placing a long position around $138, with an initial target of $141. If the price breaks through that level, the next focus could be the $145 to $148 range. The bullish sentiment is still there, but don't be greedy.
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JustHereForMemes
· 20h ago
This move by SOL is really something; the holding volume has directly increased, not just talk. It feels like it can keep going.
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GovernancePretender
· 01-06 13:00
Position holdings directly increased to 10.2 million, this is the real incremental entry, the false surge has already been squeezed out.
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MentalWealthHarvester
· 01-06 12:50
SOL is indeed building momentum this time. The increase in holdings indicates that it's not retail investors driving the move. Keep a close eye on the 138 level; if it can't break 141, I'll exit.
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Degen4Breakfast
· 01-06 12:49
The rhythm of SOL is indeed exciting, but I always feel like that 140 hurdle is a bit tricky...
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PoolJumper
· 01-06 12:40
Bro, this analysis still has some substance. The increase in open interest along with the price rise indeed indicates that funds are genuinely entering the market. Unlike before, when it was just a false rally, the 138 level feels a bit risky, and it seems like it might be shaken out repeatedly. Do you dare to go long?
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Web3Educator
· 01-06 12:34
ngl, the volume uptick to 1.02M when sol hit 140 is actually textbook accumulation behavior—let me break this down for my students: when price rises *and* volume follows, that's genuine demand, not just algo noise. tbh though, 138 entry feels a lil tight given the current momentum. would've gone lower imo
SOL's recent market movement is quite interesting. From a low of just over $131, it has been oscillating upward, only slightly pulling back near the $140 psychological level, and is now consolidating around $139.
Looking at the candlestick chart, the lows are getting higher, and the highs are also being refreshed, which is a typical bullish control pattern. The line at $136.5 is a short-term support level; once the price pulls back to this area, buy orders will likely enter to support the price, and there haven't been any particularly fierce declines. Even more interesting is that as the price moves upward, the open interest also surges. When it reached $140, open interest jumped from 9.4 million to 10.2 million, indicating genuine new capital entering the market to push the price higher, not just a false rally.
From a trading perspective, you might consider placing a long position around $138, with an initial target of $141. If the price breaks through that level, the next focus could be the $145 to $148 range. The bullish sentiment is still there, but don't be greedy.