This morning, as soon as I opened my eyes, the on-chain data exploded - a mysterious giant whale quietly withdrew 200,000 SOL from Binance at midnight, worth nearly 28 million dollars! This is no small matter, and the SOL price is currently stuck at the critical position of 136, making it difficult to move up or down!
News: The giant whale movement at midnight, is it a blessing or a curse?
A brand new wallet address withdrew a total of 200,001 SOL in one go from Binance, the largest 'chip exchange'.
Where did this money go? Currently, this huge amount has been transferred to a newly created private wallet. This usually has two possibilities: either a big player or institution believes that the current price level is suitable for long-term accumulation, preparing to lock it up without moving; or it is preparing to participate in a large on-chain project.
What does this mean for the market? Simply put, this is a clear sign of 'accumulation.' A large number of coins have been withdrawn from exchanges, meaning the 'circulating supply' available for immediate sale in the market has decreased. Such a large-scale withdrawal often occurs at a phase of low prices, either the calm before the storm or the build-up before a surge.
Technical aspect: 136 has become a lifeline, and bulls and bears will fight here.
Current situation: The price is fluctuating around 136, which has become a 'meat grinder' for both bulls and bears. If it cannot stabilize here, any rebound is just talk.
Upward path: Moving upwards, the first major resistance is near 145. This is the previous rebound high, where a large number of trapped positions have accumulated. To break through, it must be accompanied by huge trading volume; relying solely on a 'whale' may not be enough.
Downside risk: If 136 is ultimately lost, the path down will be in two steps:
First stop: 128. This is a recent primary support level, and there may be short-term funds attempting to buy for a rebound, but the strength is questionable.
Final defense line: 120. Here is the 'Maginot Line' that bulls must defend, and once touched, it is highly likely to trigger a strong rebound, and it is also considered a 'golden bottom buying area' by many.
Personal opinion: Combining news and technical analysis, the market is at a resonance point between a 'news-driven market' and a 'technical market.' The actions of the whales are a long-term bullish signal. The short-term trend still depends on the outcome of the battle at 136. Pay close attention to tonight's Federal Reserve interest rate decision and Powell's speech, which is of utmost importance.
Aggressive traders: You can lightly position near 136, setting your stop loss below 135. The target is towards 145, but this is a directional bet, and you must be prepared for stop losses.
Conservative approach: Keep your hands steady, observe more and act less. If it clearly breaks above 140, consider chasing a bit of the trend, or wait for it to drop to the strong support area of 128-120 to place orders in batches for better cost performance.
Holders: If your position is heavy, when rebounding near the pressure level of 145, consider reducing part of your position to secure profits and avoid uncertainty.
There are no immortals in the crypto world, only teachers with good mindsets. If you don't know what an effective breakout or a 10x coin is, pay attention to the lord, and enter the village and receive guidance!
