XPL's performance these days has been quite interesting. After a rally in the evening session, market sentiment has somewhat warmed up, but the tug-of-war between bulls and bears is becoming more intense.

From a buyer's perspective, whales have been acting noticeably lately—one new whale directly deployed 8 million in funds to open large long positions. Such actions usually indicate that large funds are confident about the future market. Additionally, positive capital inflows and high inflow ratios also confirm the strength of buying pressure. On the technical side, EMA7 has already broken through EMA25 and EMA99, with short, medium, and long-term bullish arrangements. The appearance of short covering suggests the market may be shifting from an accumulation phase to a rally phase.

However, risks are also present. XPL faced rejection at the resistance level above, forming a lower high, indicating that upward momentum has weakened. More concerning is that the MACD has crossed below the signal line into negative territory, signaling potential bearish momentum in the near future. Coupled with the relatively large Bollinger Band width and ATR, volatility has significantly increased, posing considerable risks for short-term traders.

Overall, this is a phase of stalemate between bulls and bears. The technical indicators show both bullish signals and warnings, so close attention must be paid to key levels.