Top Trader Eugene: Currently Most Bullish on SOL Among Major Coins

BlockBeats News, December 19th, top trader Eugene Ng Ah Sio posted to explain why SOL is currently the most-watched mainstream coin:

1. In all charts (SOLBTC, SOLETH, and SOLUSD pairs), we are at or near the "value" level of the high timeframe (HTF);

2. The undervaluation below $200 provided a nice entry position for today's longs;

3. The Funding Rate has been decreasing and has now entered the negative territory, indicating that some form of perpetual contract hedging is taking place as open interest (OI) has remained nearly unchanged. This is further explained by multiple market participants using SOL as the short part of their hedge portfolio, as momentum has waned from $260.

As @docXBT stated, these are important levels that need to be respected to a certain extent, especially on the high timeframe (HTF). As a bull, I am willing to attempt entry at these levels. However, if these levels are breached, we will quickly enter a danger zone.

BlockBeats Note: Key support or "value" areas near the high timeframe are often considered suitable for long entries in technical analysis, as these levels may provide strong support. Eugene Ng Ah Sio earlier today stated, "Have rebalanced the portfolio and am now fully bullish on SOL. Have lost about $1 million on meme coins and am now looking for a rebound opportunity."