China's August S&P Global Composite PMI

🚀 #Gateio ⬆️ Price Increase 1h $FILDA ▴47% $SKEB ▴26% $TOOLS ▴19% $FIWA ▴15% $NFE ▴11% ⬆️ Volume Surge 1h $ULU ▴101% $ADP ▴78% $HNS ▴55% $ZEC ▴50% 👉

Whale deposited 16M $USDC into a platform and opened a massive long on $XPL, sending the price soaring to $1.8 and liquidating everyone. He then closed his position and made a profit of over $14M in less than an hour! ,,

In the early hours of today, the price of Solana (SOL) showed a strong upward momentum, successfully breaking through the key resistance level of $196, causing market sentiment to quickly shift to a bullish dominance. There are multiple factors driving this wave of upward momentum. Firstly, the inflow of funds from Bitcoin ETFs has spurred a rebound in the entire cryptocurrency market, making SOL a natural focus for capital due to its status as a leading project in the ecosystem. Secondly, rumors are circulating in the market that a well-known exchange is about to launch a new protocol within the SOL ecosystem. Although this has not yet been officially confirmed, it has already sparked positive expectations among investors. Additionally, the expectation that the Federal Reserve may cut interest rates in September has also provided support for high-risk assets. From a technical perspective, the breakthrough of SOL shows strong upward momentum. The resistance level of $196, which has suppressed the price multiple times, has been breached, indicating that the short-term trend has shifted to bullish. Currently, the price is approaching the Fibonacci resistance level of $205, which will be the next important test for the bulls. It is worth noting that trading volume has significantly increased, estimated to reach 1.23 million, an increase of more than 50% compared to the previous day, indicating that this breakthrough has received substantial financial support. However, investors also need to remain cautious. The RSI indicator shows that the market is in an overbought state. Although the trend has not ended, there is a significant risk in chasing highs in the short term. For investors who intend to participate, the following key price levels can be monitored: 1. $205: If it can solidly break through this level, the next target may look towards the $210-215 range. 2. $196: has now become an important support level; if broken, it may indicate a short-term bullish trend is challenged. 3. $189: This is a strong support level; as long as it doesn't break, the overall upward trend remains valid. Although SOL is currently showing a positive upward momentum, investors should remain vigilant for potential risk signals, such as divergence in the RSI indicator. Overall, this wave of movement in SOL seems to have a certain degree of sustainability, but investors should avoid blindly chasing highs and instead look for better entry opportunities during possible pullbacks. In the cryptocurrency market filled with opportunities and risks, it is crucial to maintain rationality and vigilance. As the market continues to evolve, investors need to closely monitor changes in various factors, including technical indicators, market sentiment, and the broader economic environment, to make informed investment decisions.