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Recently, the price movement of Solana (SOL) has attracted widespread attention in the market. Currently, the trading price of SOL is above $190, but the 4-hour Candlestick Chart shows a pattern with a long upper wick, indicating that the long positions are facing some resistance at the highs.
From a technical analysis perspective, SOL is currently facing several key price levels. $187 serves as a short-term stabilization point, while $183 constitutes a strong support level. On the upside, $195 is the recent resistance level, and $200 is an important psychological barrier.
Although the MACD and RSI indicators are still leaning towards long positions, and the Solana ecosystem continues to attract capital inflows, we cannot ignore the potential downside risks. Considering the recent significant rise, profit-taking pressure may lead to a short-term correction.
For trading strategies, aggressive investors may consider building a small position around $187, targeting a price range of $195-200, while setting a stop-loss below $183. If the price breaks above $195, additional positions can be considered. Relatively conservative investors can wait for the price to break above $195 and confirm with a pullback before entering, or temporarily observe if the price falls below $183.
It is worth noting that market sentiment may be affected by the upcoming CPI data release. Additionally, the price movement of Bitcoin, new developments on the Binance platform, and potential changes in cryptocurrency policies may also have an indirect impact on the price of SOL. Investors need to consider these factors comprehensively when making decisions, remain vigilant, and manage risks appropriately.