The trading volume of SOL over the past two days has remained high, exceeding 20 million coins traded as of 8 AM this morning, as shown in red text in the image.

The main reason is still the profit-taking from chips below 188, and even some very early ones, which are chips below 100 US dollars, are also exiting. In contrast, there has been little movement from the high chips above 215.

The trading has shifted to the 195-213 range. This is also the recent rally range. It is quite obvious that every time there is a rally, the previously profitable chips are sold off. Moreover, without an independent narrative and larger liquidity, it seems quite challenging to achieve a significant rise.

Then, there aren’t many chips leaving the longer-term ranges either. At each price point, there are still a few hundred to a few thousand chips, with some possibly exceeding ten thousand being sold off.

From the accumulation of chips and the short-term trading volume, it still seems that there is short-term support forming between 165-176. Then, 176-192 seems to have new support, which is relatively short-term.

After 8 AM this morning, SOL also followed the overall market sentiment, soaring and then retreating, influenced by the current macro sentiment. Therefore, interest rate cuts and inflation are affecting market sentiment, thus stimulating the fluctuations of $SOL.

Let's first see the market sentiment after the PCE data is released tonight.