XPL went completely crazy last night! The contract holdings surged to $1.826 billion, directly overshadowing the likes of BNB!
Don't be fooled by the mere 16.56% rise in 24 hours; the story behind it is quite stimulating. Nearly $470 million in holdings on Binance indicates that big money has all gone in. But don't be envious just yet; take a look at the $27.22 million liquidation data. This is a slaughterhouse, with both sides getting bloodied; as soon as the price moves, a large number of people get liquidated and cry for help.
Chasing highs in such a high-leverage market is simply handing out money.
So how should smart people play?
Once the price hits the range of 1.75 to 1.85, you can consider shorting. There is immense pressure above this level, and those who made money previously will definitely sell out aggressively. Remember, set your stop loss at 1.92; if it spikes up, you have to admit defeat. The first target is to look at 1.60.
You need to understand that XPL is currently a bomb that could explode at any moment. But within danger lies opportunity; the more uncertain the situation, the more money you can make. The key is to stay calm, adhere to discipline, and not let the market's panic and greed lead you around.
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