According to Odaily, trader Eugene Ng Ah Sio recently shared his analysis of the current market situation on social media. He highlighted several key points regarding market dynamics and asset performance.
Firstly, Ng noted that speculative long positions from October have largely been wiped out. He believes that most traders are looking to mitigate risks around the elections scheduled for November 5, with this catalyst merely advancing the timeline by a few days. This anticipation of market volatility is why he adopted a defensive stance a few days ago.
Secondly, Ng emphasized that considering the recent developments on the Solana (SOL) network, especially since the AI memecoins craze, SOL stands out as a clear asset choice. From a technical analysis perspective, SOL has retested a six-month resistance level and converted it into a support level after demonstrating extreme relative strength. This technical shift marks a buying opportunity. With the current positioning clarified and prices significantly rising, Ng believes that the upward trend can continue post-election.
