Beginning of July,#solana (SOL) has seen a slight drop of 2.61%. Many might think that this upward trend is coming to an end?#Solana质押型ETF
But don't be too pessimistic; the reality might not be as bad as you think—based on on-chain data and market behavior, this slight drop is likely just a 'minor episode' and could be the 'foreplay' for the next surge 📉➡️📈.
👜 Wallets are reaching new highs; are retail investors growing more confident?
According to Glassnode data, on June 28th, the number of wallet addresses holding ≥0.1 SOL surged to a record high: 11.44 million! 📈
What does this signal mean? It indicates that more and more 'grassroots users' are entering the market, and even buying a little bit signifies an increase in market participation and confidence.
This situation is often a positive signal before a rebound. That day, SOL's price also reached $150.76; it's not a coincidence, it's resonance!
💸 Continuous 'withdrawals' from exchanges; is SOL really being hoarded?
Looking at CoinGlass data: as of July 1st, capital has been continuously flowing out of centralized exchanges, totaling $525.32 million as of July 1st.
What does capital moving out represent? Most likely, it's being transferred to cold wallets for long-term holding, not selling, but hoarding! 🤫
If this trend continues, liquidity on exchanges will decrease, and as soon as buying pressure comes in, prices can easily be pushed up—supply and demand logic is understood by those who know 📊.
📊 Futures market is 'expanding': bullish sentiment is heating up!
In addition to the bullish spot market, the futures and options markets are also 'aggressively increasing positions.'
Futures trading volume skyrocketed by 88.74%, reaching $20.24 billion.
Futures open interest also increased by 4.14%, reaching $7.22 billion.
Options trading volume +37.27%, open interest +17.76%.
More importantly, buying volume continues to surpass selling volume.
Binance's long-short ratio has surged to 1.98, and OKX has even reached 2.16, with buying pressure clearly dominating. 💪
This indicates that not only the spot market but even the contract army is betting long!
🧱 Technical aspect: Short-term triangle breakout, mid-term looks at higher targets.
From a technical perspective, SOL is currently in a 'bullish triangle pattern' and has just broken through the short-term resistance level.
If it can hold the key support at $144.87 or $139.88, there is a chance to surge up to $184.88, which is nearly a 27% increase from now.
The medium-term trend is also optimistic, but it still lacks a 'final push'—breaking the downward trend line.
Once it breaks through, it may directly aim at three target levels:
🎯 $181.46
🎯 $203.98
🎯 $244.00
Pullback + volume increase + structural breakout = a common precursor to a significant rebound; holding steady is the opportunity.
💥 To summarize:
✅ New high in wallet addresses → Retail investors are accumulating, confidence is building.
✅ Continuous withdrawals from exchanges → Funds are being hoarded, supply is decreasing.
✅ Contract market is booming → Bulls are active, buying pressure is strong.
✅ Technical structure is trending upwards → Once it breaks through, a significant rise is expected.
So this current drop feels more like a fake-out or a shakeout, not a trend reversal. If SOL can maintain its current support, it may likely initiate a new wave of upward movement 💥.
👀 Follow-up points:
Is there continued capital outflow from exchanges?
Will it break the downward trend line?
Is the overall market warming up in sync?
Remember to keep an eye on the trends; the next opportunity may be quietly approaching... Are you ready to hop on? 🚀
✍️ DYOR, manage risk well, and may everyone set sail in the crypto world! 🌊
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