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SOL just hit a new high and then underwent a harsh shakeout, almost completely giving back the day's gains. This routine is indeed familiar—most retail traders chasing the high get harvested, and traders in contracts are even more hesitant to chase again.
From a technical perspective, the $142.2 resistance for SOL looks even more formidable than Bitcoin's $93,600 resistance. Bitcoin couldn't break above 95,000 before getting stuck, and once the pressure was broken, it immediately reversed downward for a shakeout. Coincidentally, SOL also experienced a similar pattern where the pressure was broken, followed by a rapid decline. One hour of upward movement, two hours of retracement, almost erasing the entire day's gains.
The current question is, after this shakeout, when can SOL break through the next resistance level? Can it successfully break through the $150 mark? The market still needs to provide the answer.