Recently, the market performance of Solana (SOL) has been quite thrilling. The frequent changes in on-chain data and market news have led to intense competition between the bulls and bears.

On-chain data shows that large investment institution Wintermute transferred 120,000 SOL to Binance today, along with an earlier transfer of 188,500 SOL, releasing a strong sell signal that severely undermined market confidence. At the same time, there are reports that FTX plans to liquidate its holdings of SOL worth $1.6 billion in batches. Although it is not a one-time sell-off, the long-term pressure cannot be ignored.

From a technical perspective, the trend of SOL has been dominated by bears. The price has broken below multiple moving average supports, and the psychological level of $150 is precarious. The daily MACD indicator has formed a death cross, and the downward momentum is still ongoing. It is worth noting that today's trading volume has surged, approaching almost twice the average level of the past five days, indicating a strong market panic sentiment and that funds are quickly fleeing.

However, $125 remains a key support level. Historical data shows that SOL has repeatedly found support and rebounded at this level. Currently, on-chain data indicates there are up to 5.6 million SOL buy orders around $125, which could serve as the last line of defense against further declines.

For investors, the current market risk is relatively high, and it is not advisable to recklessly buy the dip. There are no clear signs of a bottoming out in the short term, and the technical indicators still lean bearish. Investors who are already holding positions should closely monitor whether the $125 support level can hold. If this key level is broken, it may be necessary to consider stop-loss measures or reduce positions to avoid risk.

In this market environment, it is crucial to remain calm and rational. Investors should closely monitor on-chain data, capital flows, and the movements of major institutions, rather than blindly guessing market trends. Only by grasping the accurate market rhythm can one find opportunities in this highly volatile market.