The recent big dump of SOL has really taken a toll on the long positions.

I looked at the on-chain data and position situation, and there are a few interesting details: the long positions liquidation volume reached 4.93 million USD, which is ten times that of the shorts. This kind of one-sided liquidation usually indicates that the leveraged longs have been mostly cleared.

From the position distribution, the current short positions account for less than half. What does this data indicate? The market has not formed a one-sided bearish sentiment. In conjunction with the technical aspects, the RSI indicator is approaching the oversold area, and the MACD histogram is beginning to narrow, showing signs of a golden cross.

If viewed according to traditional technical analysis framework:

The current price range is around 135-136 dollars, and this position has a clear short-term support. Looking down, the 134-135 area is a stronger support zone, which has historically seen multiple rebounds at this position.

What about looking up? $138 is the recent resistance level. Once effectively broken, it may open up upside potential. Further target levels could see $142, and if we are more optimistic, $145 is also possible.

Of course, any analysis must set a risk control line. $131 is a relatively reasonable stop loss level; if it falls below this, it indicates that the market logic may need to be reassessed.

The market is always uncertain, but data and technical patterns can at least provide some reference dimensions. Whether this round of adjustment for SOL is a big dump or a trend reversal, we should have an answer in the next few days.