#美SEC促进加密资产创新监管框架 $SOL At the current level, some are panic selling and leaving, while funds are quietly building positions—there are three notable changes hidden in the four-hour cycle.

Let’s first look at what’s happening on-chain:

An anonymous address transferred 94,400 SOL to Coinbase Prime, worth about $12.69 million at the time. Such a large deposit to an exchange is generally interpreted by the market as possible selling pressure preparation. However, at the same time, on-chain tracking found a historically successful address placing a buy order for 23,871 SOL around $184, involving about $4.39 million. Additionally, last week, the SOL spot ETF saw a net inflow of $20.3 million, with the BSOL fund accounting for the largest share.

What signals are being sent from a technical perspective?

MACD indicator: The yellow and white lines are still hovering below the zero axis, the bearish structure hasn’t fully collapsed, but the histogram bars have significantly narrowed, and a bullish divergence is brewing. Volume: The current volume is only 1.125 million, which is considerably lower compared to the 5-day average of 4.15 million and the 10-day average of 2.68 million—clearly, selling pressure has eased. Price action: Recently, price has repeatedly tested between $144 and $123, and the $123 level has withstood several rounds of testing.

What’s the current market state? You could think of it this way: The direction isn’t clear yet, but the fuel has been compressed and is in place. Whether there will be an upward breakout or continued bottoming may depend on whether the upcoming volume can catch up.

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