Yesterday's false breakout at 171.66 was precisely the net laid by the bears.
Last night at 7 PM, SOL skyrocketed to $171.66, with countless retail investors cheering, thinking the bull market had restarted. This sharp rise precisely hit the 0.382 Fibonacci death line ($171.40), then plunged $9 as if hitting an invisible iron wall, struggling at 162.85 this morning.
This long upper shadow is not a coincidence—on the 4-hour chart, the super trend indicator firmly defends $171.12, forming a high-pressure zone, and the parabola turning point at $161.71 on the 30-minute chart is being repeatedly trampled, with bulls and bears engaged in a bloody tug-of-war here.
Triple iron top pressure, bulls and bears clash in this battle.
Technical stranglehold: $171.4 converges with the weekly Fibonacci key level, the super trend resistance line, and the upper boundary of the July descending channel, forming a 'trinity' resistance fortress. Yesterday's rise and fall have verified its power; if it cannot break through again today, it may trigger a bull trap.
On-chain alerts are frequent: active addresses dropped sharply by 57% in July, and whale large transactions decreased by 42% in a day! More dangerously, in the derivatives market: short positions account for 76%, open contracts have decreased by 19%, and funds are accelerating their exit.
Institutions are secretly switching hands: although there are signs of institutional accumulation in the $155-160 demand zone, net outflow reached $9.81 million in a single day, with main players clearly showing signs of offloading during the rebound.
A strange buy order appears: an anonymous whale once placed an order for 32,000 SOL at $158, resonating with the historical support in May 2024. Is it a market protection signal? Or a trap to lure you in?
My real trading plan: the art of licking blood on the knife's edge.
Yesterday at 171.66, I immediately went short at 170.50, and this morning I closed at 162.80, securing a 45% profit. Currently, my bullets are attacking from three fronts:
Short-term death squad: place a breakout order at 172.20 to go long, aiming for a breakout channel to push to 175.8 CHoCH structure level.
Remember! At 3 PM today, the Solana Foundation will unlock its quarterly funds; be wary of the 'sell the news' black swan.
The phrase I say most often now is: "It's not that you can't, it's that the method is wrong."
Doing it alone is never as comfortable as teamwork; join the Chanjian team, you want to make money, I want to prove it, that's all.
Lastly, what aspect of this topic do you want to know the most? Tell me in the comments, and I will customize the next issue for you! I will take you to explore tenfold potential coins!