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SOL Analysis
SOL surged to 97.65 then immediately pulled back, with all K-line candles showing long upper wicks, indicating the bulls are running out of steam.
The Bollinger Band upper band is pressuring the price, and the KDJ is showing a bearish death cross at high levels, so technically a pullback is warranted.
Additionally, the market has dumped a massive sell order of nearly $5 million, with trading volume expanding accordingly, clearly indicating someone is taking the opportunity to exit.
In the short term, prices will likely consolidate and move lower, first watching the 94.5 support level; if broken, it will likely test the 93 area.
Trading suggestions: Short above 96, stop loss above 100, short-term targets at 93-90. Medium to long-term view 90-80.
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