Eugene Ng Ah Sio's Trading Thesis: Why SOL Remains His Top Pick Amid Market Rebound

Trader Eugene Ng Ah Sio has reiterated his conviction around Solana, signaling that his current market positioning hasn’t shifted. Speaking on his personal channel on January 12, Eugene outlined why he sees significant upside potential in SOL despite existing market skepticism. He had previously indicated his re-entry point on January 8, positioning Solana as the cornerstone of his rebound strategy.

The Strength Play in Cryptocurrencies

Among the three major digital assets currently competing for attention, Solana stands out with the most compelling technical setup. Eugene highlighted that SOL presents one of the cleanest chart patterns available, featuring multiple confluence points that suggest a possible rally toward $160 or beyond—potentially even testing $200—conditional on Bitcoin maintaining its bullish trajectory and pushing toward the $100,000 psychological level. At the current price of approximately $140.98, Solana appears positioned in a zone that could offer meaningful upside.

The Contrarian Opportunity

What makes Eugene’s thesis particularly intriguing is his observation that SOL embodies the “contrarian trade” archetype. He notes that market participants are struggling to construct compelling narratives for a sustained long position, a phenomenon that historically precedes some of the sharpest rallies. Eugene’s reasoning is counterintuitive yet time-tested: when all the reasons to buy become obvious to the crowd, the major move has already been digested. The lack of conviction often marks the beginning, not the end, of a significant trend.

Bitcoin as the Macro Anchor

For Eugene’s SOL thesis to play out, Bitcoin needs to hold the $90,000 level and ideally extend higher. He characterizes the recent pullback as a healthy shakeout—a necessary cleansing before the next leg up materializes. Bitcoin is currently trading around $91.74K, and Eugene remains optimistic about the structural setup. He views the consolidation as the first test of support before a potential breakout, reinforcing his belief that both BTC and SOL remain positioned for a strong run.