Market Snapshot: SOL enters short-term observation zone

Image:https://www.gate.com/trade/SOL_USDT

Solana (SOL) maintains a oscillating trend today. As of the time of writing, the current price of SOL/USDT is 168.06 USDT, with a 24-hour increase of +0.22%. The price fluctuates between the daily high of 173.11 USDT and the low of 164.53 USDT, currently in the middle of the oscillation range.

Although the overall increase is not significant, the fluctuation range reaches 8.5 USDT, indicating that funds are actively trading. The current consolidation in a sideways trend is seen as a preparation before choosing a direction.

Market Depth: 168 USDT Becomes the Focus Price

From the current order data, around 168 USDT is the most fiercely contested position between buyers and sellers:

• Buyer’s strongest support: large buy orders (single order over 2.6K SOL) appeared at levels of 168.00, 167.97, 167.96, etc.
• Seller pressure concentrated: The selling orders in the range of 168.13 - 168.15 have accumulated more than 10,000 SOL;
• The buy-sell ratio is close: the strength of active buying and selling is basically balanced, reflecting an unclear short-term trend.

This structure indicates a high degree of market recognition for this position. If the bulls continue to exert force and break through the resistance above 168.15, it may trigger a new round of upward momentum.

Technical chart analysis: oscillation convergence, waiting for breakthrough

From the 15-minute K-line chart, SOL has shown a trend of “falling rebound and oscillating consolidation” in the past two days, with a overall pattern similar to a converging triangle:

• Prices gradually decrease from the high point and gradually increase from the low point;
• MA5 and MA30 run flat, with MA60 providing effective support (166.88 USDT);
• The price rebounded after multiple tests in the 167.5-168 area, indicating strong support in this area.

If the subsequent price can break through the upper boundary of the triangle with the amplification of trading volume, it will form a technical breakthrough signal, with a target of the previous high of 173.1 USDT; conversely, if it falls below the lower boundary of the triangle and declines with increased volume, caution is needed to guard against short-term pullback risks.

Observation of Capital Flows and Market Sentiment

Although the intraday gains are limited, the overall market sentiment is optimistic:

• Part of the Solana ecosystem tokens are showing a strong rebound, with projects like Jupiter, Wormhole becoming more active;
• Solana on-chain transaction volume remains high, NFT active wallet data is rising;
• Mainstream funds in the market are maintaining a cautious and optimistic attitude while waiting for macro guidance (such as the FOMC meeting, Bitcoin volatility).

In addition, the number of large on-chain transfers of SOL in the past 24 hours has slightly increased, which may reflect institutions or whales adjusting positions or quietly building positions at the current price level.

Operation suggestion: Pay attention to the increase in trading volume and breakthrough

In the short term, SOL is still in a narrow range oscillation phase. It is not advisable to blindly chase highs and lows. It is recommended to layout according to key price levels:

• Aggressive strategy: Enter lightly near 167.5 in batches, with a stop-loss set below 166.5 and a target of 171-173;
• Stable strategy: Wait for the price to break through 168.5 and volume, then follow the trend.
• Risk control: If the price falls below MA60 (166.88 USDT) and drops below 165, stop loss should be triggered to exit to avoid the risk of deep retracement.

From a mid-term perspective, Solana still has a solid narrative foundation (such as high-performance chain, DePIN, AI module integration, etc.), but the technical breakthrough signal still needs confirmation.

Summary: Bulls and bears are deadlocked, waiting for signals to be released

The current trend of SOL is at a critical point, and the market direction has not been determined yet. 168 USDT is not only a price support area but also an emotional anchor. Whether there is a substantial breakthrough or decline below this area will determine the trend for the next 3-5 days.

For investors, controlling positions, paying attention to changes in trading volume and on-chain data is the current optimal strategy.