Market observation: The five-minute chart of Banana continues to oscillate sideways, with an intraday amplitude of only 0.89%, and the long-short game is in a stalemate. Market data shows that a total of 42k trading volume has accumulated in the range of 23.200-24.800, indicating significant main force control. There are dense sell orders above 24.500 to 24.700, forming a short-term selling pressure zone; concentrated buy orders near 23.300 create a 'sandwich oscillation' pattern. The MACD continues to stick below the zero axis, with energy bars nearly returning to zero, making the short-term direction unclear.
1. Main force direction: On-chain monitoring has detected that an anonymous address has accumulated over 15k coins below 23.400 in the last 48 hours, suspected to be the main force's low absorption. If combined with news catalysts, it may trigger a trend change.
2. News catalyst: According to disclosures from the developer forum, the project party will test the liquidity mining contract on March 28 (pending official confirmation). If the news is true, the pressure zone above 24.500 may be impacted, but caution is needed for the selling pressure after the positive news is realized.
3. Market linkage: Currently, funds in altcoins are concentrated on AI sectors like RNDR, while Banana lacks a hot narrative. Attention should be paid to whether BTC can break through 68000 to boost market sentiment.
Operation:
Spot strategy: Hold the bottom position, strictly stop loss if it breaks below 23.200; grid traders can set the range of 23.350-24.450, with each replenishment not exceeding 15%.
Contract alert: The current volatility is only 0.5%, with a spike to 23.206 within 5 minutes. High leverage can easily lead to liquidation, suggesting a leverage below 3x or staying on the sidelines.
Key levels to watch: A breakthrough above 24.700 must be accompanied by a trading volume greater than 20k/5min; if the support at 23.200 is lost, the next target is 22.500.
On-chain data update
Today, the frequency of large on-chain transfers has increased, with transactions exceeding 5k coins rising by 22% month-on-month, possibly related to the main force's reallocation. Additionally, according to CryptoQuant data, exchange reserves have dropped to 120 million coins (a weekly decline of 8%), limiting selling pressure in the short term.
In a narrow range oscillation, patience is more important than action. If liquidity mining takes off, closely observe whether the staking APY is higher than the market average. The current average DEFI APY is 12%, and if it is lower than expected, the positive effect will be discounted.
Remember: The end of sideways movement is often accompanied by sharp rises and falls, and position management determines survival probability.
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