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👆Follow me to share Web3 cutting-edge news every day👆Jinqun +Q: 3846328374 Since the beginning of September, Solana (SOL) has stood firm at the $200 mark. The recent daily chart has reported good news again - it has successfully broken through the symmetrical triangle consolidation pattern, and the key support level of $200 has always been stable. Judging from the current market structure, buyers are firmly in control and have set $260 as the next major resistance target. After a breakthrough, it is expected to further extend towards $300.  (Data source: TradingView Solana price trend) As of press time, SOL's gains have not abated: the continuously rising lows and strong trading volume have jointly verified the effectiveness of this breakthrough, and the overall picture is clearly bullish. However, traders still need to be wary of a second test of support at $200 - a failure at this level could trigger new selling pressure. Enter skirt +Q: 3846328374 Hidden concerns: Futures trading is overheated and leverage risks are intensifyingDespite the positive price action, the futures volume bubble chart shows that SOL derivatives trading activity is heating up rapidly, reflecting possible over-leverage by market traders. Although this kind of trading enthusiasm boosts prices in the short term, it also amplifies the risk of liquidation chain reactions - once positions are excessively concentrated, even a small correction may trigger violent fluctuations, and you need to be wary of intensified short-term fluctuations.  (Data source: CryptoQuant Solana futures trading volume bubble chart) Enter skirt +Q: 3846328374 Positive: 6.3 million shorts liquidated, bullish belief strengthenedLiquidation data further supports the bullish logic: as of press time, shorts have suffered far greater losses than longs. On September 10th alone, the liquidation amount of SOL's short positions exceeded US$6.3 million, while the liquidation amount of long positions was only US$329,000. This significant imbalance in liquidation indicates a gradual exit of bearish traders, both boosting buyer confidence and accelerating the upward price movement. Judging from historical patterns, this type of tilted liquidation pattern is often an early signal for the continuation of the trend. Until new short positions are re-established on a large scale, the path of least resistance for SOL price will most likely remain upward, pointing towards higher resistance areas.  (Data source: CoinGlass) To sum up, the technical signal of SOL breaking through the symmetrical triangle, coupled with the market sentiment support of a large number of short positions, indicates that the bullish phase may continue. While derivatives data points to overheating risks, buyers currently dominate the market, with $260 and higher becoming more likely to be realized. That’s it for today’s article. I don’t know what to do in the bull market. Welcome to join the skirt+V: sun568298 for free.  |
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