Retail investors celebrate while whales retreat? $SOL a dangerous game under the diminishing golden cross!
Remember! The market does not believe in tears, it only requires action!
1. Although the MACD has formed a golden cross, the DIF has crossed above the DEA, and the histogram (1.32) turning red seems like a bullish signal,
2. The trading volume, however, reveals a problem—actual trading volume of 547 million is still less than one-third of the average line, this kind of golden cross with low volume is like trying to ignite an empty gas tank; it can't go far at all.
3. Regarding the MA moving averages: the MA5 and MA10 moving averages are in a golden cross arrangement, but they are firmly suppressed by the MA30 and MA60, forming a typical pattern where the short-term golden cross faces long-term pressure!
Second, regarding the latest on-chain news!
1. The on-chain movements are more alarming: last night a whale continuously deposited over 12 million USD in SOL to Binance.
2. The open contracts for futures in the same period dropped by 8%, which is usually a signal that large funds are selling off after a rebound.
3. The Solana ecosystem also has positive news; DePIN project Io.net announced the completion of new financing and plans for an airdrop, such news may drive short-term buying of SOL.
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