$98 SOL, are you chasing it?
Look at the surface first: the price surges violently, retail investors rush in with FOMO.
A week ago it was 70, now it touches 100, a gain of over 40%. The daily RSI is generally between 85-88, and the overbought price is shocking. 24-hour turnover is $4-7 billion, with volume significantly expanding. The candlestick tells you: the weekly chart has broken through the 81-90 resistance zone, confirming the bullish structure. A strong trend is established, but the short-term market is extremely hot.
First thing: ETF money is flowing in with real money, not just empty talk.
The cumulative net inflow of US SOL spot ETFs has surpassed $1.2 billion, with a single-day peak exceeding $33 million. Bitwise BSOL has the largest share, with a record high trading volume.
SOL is replicating the ETF script of BTC and ETH. Institutional buying is a solid bottom support, not something retail FOMO can match. Same story: BTC went from 40,000 to 70,000, ETH from 2,000 to 4,000, and now it's SOL's turn.
The second thing: double deflation voting—this is the real ace game.
Validators are currently investing in SGP-0002 and SGP-0003, with the deadline at 15:30 UTC on August 27.
SGP-0002: About 18.9 million SOL will be issued less over the next 6 years, equivalent to double deflation
SGP-0003: Daily burn volume surged from about 650 SOL to 7,500-9,000 SOL, an increase of more than tenfold
Supply decreases + burns surge = supply and demand reverses. If the vote passes, SOL's scarcity will rise to a new level.
Third: A signal from the technical side that must be taken seriously.
The weekly chart has cleanly broken through the 81-90 resistance zone, with volume supporting and a bullish structure confirmed. However, the daily RSI is 85-88, a classic combination of "strong trend + overheat."
At the 100 level, SOL is repeatedly testing. Should it directly push through to 110-115, or push back to 94-96 or even 90 before recharging?
The bullish and bearish showdowns are up to you
On one side:
Spot ETFs have accumulated inflows exceeding 1.2 billion yuan, with institutions making real money
The double deflation vote has a high probability of passing, fueling the narrative of supply shocks
Weekly breakout + volume coordination, establishing a bullish structure
Network performance continues to optimize (slot time 350ms →target 200ms), RWA exceeds 4 billion
On one side:
Daily RSI 85-88, extremely overbought
The psychological level of 100 is repeatedly tested, indicating high profit-taking pressure
Jackson Hole's speech may be hawkish, but macro factors may be uncertain
If the vote unexpectedly fails, the mood can turn dramatically
Resistance above: 100-103.5 → 105-110→ 115+ (Fib extension)
Support below: 94-96→ 90 → 78-80 (previous resistance turned to support)
Operational strategy
Short-term players:
Wait for a pullback to 94-96 and stabilize, then go long, stop loss at 90, target 103.5→110. If volume rises and the price holds above 103.5, chase long, stop loss below 100, target 110-115.
Steady Players:
Patiently wait for a pullback to the 90 area, then build positions in batches once volume stabilizes. This is the best risk-reward entry method. Stop loss below 88, target the same as above.
Bearish players:
Only see significant stagnation near 102-105 (long upper shadow + shrinking volume), light positions to short, stop loss above 105, target back 98-96.
Core Logic for the Medium to Long Term:
If the vote on August 27 passes + ETF continues to flow in, SOL's mid-term target is expected to reach previous highs or even higher. Reassess if it falls below 80. Spot holders, set moving take-profit settings and don't be washed down.
SOL now is just like when it broke 80 at the end of 2023—
99% of people felt "the price has risen too much and needs a pullback," but after a 15% pullback, it climbed all the way to 200+.
On the day it breaks through 103.5, you'll notice:
It turns out it's not that SOL is bad, but that you hesitate at the lowest point and FOMO at the highest point every time.
Tell me in the comments: What is your SOL cost?
At 98 position, would you dare to chase it?
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