#数字货币市场回升 SOL is currently in a critical contest zone.

From the 1-hour level, the price of $SOL is maintained around 126.31, just near the lower Bollinger Band at 125.67. On the technical side, the EMA7 has crossed below the EMA30, forming a death cross signal, while the MACD's DIF and DEA are still above the zero axis, but the distance between the two lines continues to narrow. These signals point to the short-term bearish strength dominating.

However, the price range from 125.6 to 126.0 is worth paying attention to. On-chain data shows that this area is where institutional addresses have densely built their positions. If this level can hold with increased volume in the future, it may trigger a rebound.

**On-chain and fundamental observations**

Recently, the Solana ecosystem has launched some new protocols, such as Parcl's real estate RWA pilot project. On-chain tracking shows that the holdings of large addresses have increased by 3.2% against the trend, but the selling pressure at the retail level remains significant.

In addition, emerging public chains such as SUI and APT have a certain capital diversion effect, but Solana's TVL remains stable in the top four of the industry, with a 15% month-on-month increase in developer activity. The fundamentals of the ecosystem have not shown any signs of instability for the time being.

On a macro level, as the December Federal Reserve meeting approaches, if dovish signals are released, it may boost the overall sentiment in the cryptocurrency market. $SOL , as a mainstream cryptocurrency, may rebound in line with the broader market.

**Two Reference Points at the Transaction Level**

Support is focused on 125.6 (Bollinger lower band) and the previous low of 124.0. If these two levels are broken, the risk needs to be reassessed.

In terms of resistance, if the price can break through the EMA7 resistance level of 128.5 with volume, then the range of 133-135 can be used as a reference for short-term target levels.

The current oscillating pattern is both a release of risk and a potential process of chip redistribution.