Recently, the price movement of Solana (SOL) has left market participants quite confused. Its fluctuation pattern resembles "The Mysterious Steps," making it difficult to predict a clear bottom position.

Currently, the support level of $216 has become a key focus. This level has provided rebound momentum multiple times in the past, attracting the attention of many short-term traders. However, the current market faces numerous uncertainties, raising concerns about whether this support can hold.

Recently, a large holder transferred over 300,000 SOL to Binance, a move that is widely interpreted as a signal for an impending sell-off. The subsequent selling pressure has led to a continuous decline in price movement, failing to trigger a noticeable rebound.

What is even more concerning is that if the $216 support is broken, the $200 level may struggle to withstand the downward trend. From a technical analysis perspective, $200 is not only an important psychological level but also coincides with the 200-day moving average. Once broken, it could trigger a wave of liquidations among leveraged longs, potentially leading the price to test the $185-$190 range.

It is worth noting that the recent on-chain transaction volume has shown a downward trend, and the buying power is relatively insufficient. Relying solely on "bottom fishing" sentiment is difficult to offset the downward inertia.

However, the market is not entirely pessimistic. There are signs that some large holders are quietly increasing their positions in SOL. At the same time, the ETF approval process continues, and these factors may form a phase bottom support around 200 dollars.

For investors, it is not advisable to blindly guess the bottom in the short term. It is more pragmatic to closely monitor whether the $216 support is broken — if the support holds, one might consider a small position for a tentative long; once the support is broken, it is recommended to quickly cut losses to avoid deep entrapment.

In addition to SOL, market participants should also pay attention to the trends of projects such as MYX, AVAX, BAKE, MILK, and DAM to have a comprehensive understanding of market movements.