Big Whale Sell-off! Is the SOL Short Squeeze Still Ongoing?
On the evening of August 14, I decisively shorted at $198.66 with $SOL , and now I've made a whopping 500% profit! What was my basis?
Firstly, I observed a collective sell-off by whales, and the number of wallets holding over 10,000 SOL surged to 5,224! At this moment, the large holders' selling triggered downward pressure;
Moreover, Futu Securities launched retail trading for SOL that day, and $192 became a strong resistance level, with multiple failed attempts at breaking through leading to a collapse in bullish confidence.
Currently, SOL has fallen below the psychological barrier of 190, and it may quickly test 171, which is a strong support that was unbroken during three attempts in July;
If it rebounds to 192, one must decisively cut losses to avoid a short squeeze;
At the same time, pay attention to the FTX repayment plan at the end of August, as some funds may flow back into the crypto market, pushing SOL higher, but if whales take the opportunity to sell off, the decline will intensify.
Currently, SOL is still in a bearish channel, but volatility is increasing; 190 should be the last bastion for bears. If you want to avoid detours, follow my rhythm—timely news and top-notch strategies provided to fans, real-time positioning for easy profits; those who agree can come directly!
