#GateSquareAprilPostingChallenge Will $SOL ‌stop falling at 78.6, or will it plunge into the abyss of liquidation?

To be honest, the situation for SOL's trend is not looking good right now. The price has already dropped to $81.84 and is continuing to go down. In the short term, I think it is very likely to keep falling, with the next important level to test around $78.6 to $79.
From the chart, it is clear that the selling power is significantly greater than the buying power. The price has been under pressure, and there is not much strength in the rebounds. What's more troubling is that I noticed a large number of positions that could be forcibly liquidated in the range of $78.6 to $80. This means that if the price really falls to that level, it could trigger a chain reaction, causing it to drop even faster and harder, which worries me.
As for the overall environment, the current market liquidity is not loose, which is not good for volatile coins like SOL. If there are no good news from the Federal Reserve, the entire crypto market might struggle to improve. Of course, the development of SOL's ecosystem is also very important; we need to see if its on-chain data is still active.
My personal view is that I am bearish in the short term. If the price rebounds to around $83 to $83.5, it might be a good shorting opportunity, with a stop-loss set above $84.5. For friends looking to buy the dip, I suggest not to rush; it’s best to wait for the price to drop to around $78.5 to $79 and see if it can stabilize and stop falling before considering, and also to set a good stop-loss.