The turnover rate on Friday and Saturday has also started to rise, exceeding 22 million chips exchanged by 8 AM today, as seen in the red text in the image. The main reason is still the profit-taking of chips below 178, with chips being transferred above 182.
Then, there are not many long-term chips in other ranges that have left the market. Each price still has a few hundred to a few thousand chips, with a slight possibility of exceeding ten thousand chips being reduced.
From the accumulation of chips and the short-term turnover of chips, it still seems to form a temporary support between 165-176. Then, 176-190 seems to have new support, but this is very short-term, just in the past few days.
Currently, after 8 AM, with low liquidity over the weekend and a reasonably good sentiment, SOL has risen further, although there aren't many chips accumulated above 209. However, the next step is still to see how the market interprets it—is it an expectation of interest rate cuts, or is it due to recession concerns that necessitate rate cuts? The rise and fall will depend on how the market interprets Powell's speech from here on out.
As mentioned earlier, it is still a game concerning the interest rate cut in September, reflecting a shift in sentiment.