Last night's SOL pullback left many people confused. But if you look closely at the news, things aren't that simple.

The market's duality is obvious: on one side, there's selling pressure from miners plus the US national debt breaking through the $30 trillion mark, which directly pushed SOL below the key support at 142; on the other side, US initial jobless claims unexpectedly dropped, and the market has started betting on the Fed cutting rates in December—the probability has already soared to 89.2%. Expectations of rate cuts usually bring liquidity speculation to the crypto market.

From a technical perspective, the 1-hour chart doesn't look too optimistic. The 142 level has shifted from support to resistance, the MACD white line has formed a death cross below the zero axis, and the bears currently have the upper hand. Trading volume continues to shrink, and the red bars have turned green, suggesting this is more like a brief pause during a downtrend.

Looking up, resistance is layered: 147 is the first hurdle, and after a breakout, 150 and 155 are waiting. Downward? Support between 138-135 is relatively weak; if that level breaks, even holding the round number of 130 could be a problem.

At this stage, SOL is at a delicate balance point. If it can reclaim 142 tonight—note, it's best if the 4-hour close is solidly above—then in the short term it might test resistance around 147. But if it can't even reach 142, be careful of the bears seizing the opportunity to drive it straight down to around 130.

Currently, the MACD death cross signal is clear, and there's heavy sell-side orders. If the bulls don't push up, another leg down could happen at any time.

In terms of strategy, stay on the sidelines until SOL stabilizes above 142. Missing an opportunity is better than blindly chasing highs and getting caught. If there's a solid 4-hour breakout above 142, consider a small position for a long. If it breaks below the strong support at 135, you must stop out in the short term and wait to consider scaling in around 130. For the bears, the environment is relatively favorable right now, but also be aware of the risk of a reversal due to rising rate cut expectations.