Is a country adopting your favorite altcoin the ultimate buy signal? A lot of people on Twitter seem to think so. But I'm not so sure. While the news about Bhutan launching a digital nomad visa by investing in a token on the $SOL network is interesting, the chart is telling me to pump the brakes. And for a trader, the chart is the only thing that pays the bills.

Don't get me wrong, it's a cool headline. A beautiful, remote country embracing crypto is great for long-term sentiment. But in my experience, these kinds of announcements are classic narrative plays. They generate hype, but they rarely mark a market bottom or trigger an immediate rip. While guys like Alex Volkov are probably digging into the geopolitical implications, I'm just staring at my three monitors, focused on price action. Price pays.

This feels a lot like the El Salvador and Bitcoin news. Huge headlines, but the price action that followed was a choppy mess that chopped up anyone who wasn't patient. News creates volatility, not necessarily direction. And I'm not here to gamble on volatility.

Let's get down to brass tacks. As of this morning, $SOL is trading around $78.47, and it's basically stuck in mud. If you know how to read candlestick patterns, the daily chart is just a series of indecisive dojis and spinning tops. There's no conviction here. The volume profile tells me the big money is sitting on the sidelines, waiting.

• Major Resistance: The line in the sand is $82.50. We need to see a 4H candle close above that level with volume confirmation before I'd even consider a long.
• Immediate Support: The psychological level at $75.00 is holding for now. But it's been tested multiple times.
• Danger Zone: A clean break of $75.00 likely sends us down to test the $68 support zone. That's a nasty 9% drop from here.

This is just classic support and resistance trading. No need to overcomplicate it with macro narratives that Sarah Chen might cover. The price structure is what it is: weak and consolidating.

So, what am I doing? Nothing. I'm sitting on my hands. I have alerts set on my TradingView, but I am not buying this news. My plan is simple: I'll look for a long entry on a confirmed breakout and retest of $82.50, or I'll look to short a breakdown below $75. Anything in between is a no-trade zone for me. It's the kind of chop that used to trigger my worst habit: revenge trading. My journal has taught me to avoid these setups entirely.

This is a perfect example of the market dangling a carrot. The narrative is bullish, but the price action is bearish. Which one are you going to trust with your capital?