The price has plunged through the cost of holding and MA200 in one breath, with massive short positions pouring into the 3.49 value anchoring zone, but leaving a vacuum zone at 3.26-3.36 - this is the "no man's land" for the next showdown between bulls and bears.

Key Interval Structure and Volume Distribution
1. Value Anchoring Zone: POC = 3.496, with a transaction of 191M over the past two weeks, is the current "fair price."
2. High Transaction Volume Area:
• 3.457-3.521 (HVN group) - if the price rebounds to this level, it is likely to encounter selling pressure.
• 3.727-3.778 (HVN group) - medium-term strong resistance zone.
3. Low Transaction Volume Gaps:
• 3.264-3.354 (LVN band) - thin trading volume, price can pass quickly, suitable for breakout or pullback trading.
4. 70% Transaction Volume Coverage Zone: 3.418-3.946; current price 3.404 has fallen below VAL, entering the "oversold edge" in the short term.

Momentum Verification
• POC Area Up/Down = 46% : 54% → Bears Slightly Dominant.
• Near LVN 3.32 Up Vol ≈ 0, if >60% Up Vol appears, it can be seen as a bullish reversal signal.
• Contract positions increased by 3.63% in 24h, but the long/short ratio has dropped for 7 consecutive candles to 2.51, indicating stronger bearish positions.

Auxiliary Judgment
• The lower Bollinger Band at 1h 3.369 closely aligns with the lower edge of LVN, forming a resonance support.
• MA200 = 3.671, deviating -7.3%, still in a descending channel in the medium term.
• A slight net inflow of 359,000 in spot, but a net outflow of 4.93 million in contracts, the divergence of spot support and futures pressure needs to be wary.

Abnormal Order Book
The overall buy/sell order ratio is 1.44, but near-end sell orders exceed by 168,000, indicating short-term downward momentum; there is a total buy wall of 1.45 million USDT at 3.3-3.35, which can serve as the first buffer.

Market Cycle
Medium-term consolidation down, short-term at the "end of panic" - after breaking below the value area, it often accelerates first and then rebounds.

Trading Strategy (Based on VPVR Range Structure)
• Aggressive Long: 3.36±0.01 LVN pullback area, stop loss at 3.318 (outside the lower HVN), first target 3.457 HVN, risk-reward ratio ≈ 2.8.
• Conservative Long: Wait for 15m level to show Up Vol > 60% at 3.32 and close with a long lower shadow, then enter, stop loss at 3.29, target 3.496 POC, risk-reward ratio ≈ 3.6.
• Conservative Short: If the price rebounds to 3.496 POC without a volume breakout, can try a light short, stop loss at 3.525, target 3.369, risk-reward ratio ≈ 2.2.
Strategy Invalidated: Daily close below 3.25 or >2x average volume drop on 30m level.

LP Market Making Suggestions
It is recommended to place bilateral orders in the 3.35-3.50 range for market making:
• The lower edge at 3.35 corresponds to LVN + spot buy wall, showing strong support;
• The upper edge at 3.50 is close to POC and the middle Bollinger Band, with concentrated selling pressure;
• Range fluctuation ≈ 4.4%, funding rate slightly positive, can earn handling fees + small price difference.

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