Whale Activity Suggests Potential Shorting Strategy for $XPL Coin
In recent days, unusual whale activity has been spotted around XPL coin, sparking discussions among traders about a possible shorting opportunity. Large-volume wallets have been consistently transferring XPL to exchanges, often a sign that significant holders are preparing to offload their positions.
๐ On-chain data shows:
๐ A spike in exchange inflows from whale addresses.
๐ Declining accumulation trends in long-term wallets.
๐ Order book imbalance, with increasing sell-side liquidity.
For traders, these signals can hint at downward price pressure in the near term. While retail sentiment still leans bullish, whales often move ahead of the broader market, making their actions a critical leading indicator.
๐ Technical Analysis of XPL
๐ Resistance Levels: $2.48 โ $2.55 (strong selling pressure zone).
๐ Immediate Support: $2.10 โ $2.15 (if broken, momentum likely accelerates).
๐ Key Support: $1.95 (a breakdown below this could trigger a sharper decline).
Indicators:
๐ RSI is hovering near 65, showing overbought conditions cooling off.
๐ MACD is flattening, signaling a potential bearish crossover.
๐ Volume analysis indicates declining buy-side strength with increasing sell pressure.
๐ฏ Potential Short Setup
๐ Entry Zone: $2.45 โ $2.50 (near resistance rejection).
๐ Target 1: $2.15
๐ Target 2: $1.95
๐ Stop-Loss: Above $2.60 (to protect against unexpected whale buybacks).
โ ๏ธ Risk Management Note:
Whale-driven moves can be highly volatile. Shorting is a high-risk strategy and should be executed with strict risk controls and position sizing.
