We need to look at the bigger picture for this SOL trend.

Let’s start with the first major wave: it dropped all the way from 295.6 to 95.19, evaporating a bit over 200 dollars. If the second wave follows a similar drop, subtracting 200.41 from the high of 253.49, the theoretical extreme low would be hovering around 50.

But we’ll have to wait until after January next year to confirm the direction. What’s the key indicator? The 100 support level. If it breaks below 92 and can’t climb back up, then we’re basically in a deep bear market.

If it really comes to that, spot traders could consider gradually entering positions in the 96 to 50 range. Don’t go all in at once—buy slowly and wait for the market to give you an answer. After all, when it comes to bottom-fishing, patience is more important than anything else.