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Recently, the price of SOL coin has shown strong upward momentum, achieving an increase of about 10% from early morning until now. This market trend basically meets expectations.
Currently, investors need to closely monitor the key price level of 205. If this level can be maintained during the pullback, the bullish pattern across various timeframes will be sustained. In this case, the subsequent pump may face resistance levels around 209, 212, 215, and 218 dollars.
However, if the price breaks below the support at $205, it may trigger a pullback on the hourly chart. At this time, investors should pay attention to the support levels below at $202, $200, and $197.
It is worth noting that the cryptocurrency market has been active recently, with not only SOL performing well but also Ethereum (ETH) making a push towards its historical high. This overall rising trend reflects the market's continued optimism towards crypto assets, but it also reminds investors to be cautious of potential correction risks.
In such a market environment, investors should remain rational, closely monitor market trends, and manage risks appropriately.