Recently, the trend of SOL has scared quite a few people. The price fell below $130, and the atmosphere in the entire market instantly shifted from excitement to anxiety. However, looking closely at the market data, things are not that simple.
In the past 24 hours, whales have indeed sold off quite a bit, with data showing a sell-off of approximately $103,000 and a net outflow from the market reaching $130,000. At first glance, it seems terrifying, but this reveals an interesting phenomenon behind it—when the price falls to this level, the buy orders on the order book become quite thick. To be precise, 61.07% of the liquidity is concentrated on the buy side. What does this indicate? It indicates that someone is quietly picking up goods at the bottom.
From a technical perspective, SOL is still holding at the MA60 position, which is around $125.82. This line is quite critical for the market. Once this position stabilizes, the upward space is actually pushing toward $126.89, and if this point is broken, the range of $131-$135 may become a new buying zone. Some analysts even see a target of $142.
But that being said, if it falls below $125.30, it would mean that this rebound may really be hopeless.
The problem is that these fluctuations are becoming more frequent, and the price swings are also amplifying. Some people have come up with an idea - to exchange a portion of their SOL positions for stablecoins to lock in profits. For example, when SOL is rising, they quickly convert a part into stablecoins, which allows them to retain the gains from the increase while avoiding the potential risk of a pullback that may follow. It’s somewhat like making a protective move at a high point. This kind of operational logic is indeed being used by some in the case of SOL, which is a cryptocurrency with significant volatility.