🐋 In the last 500 publicly disclosed trades on OKX for SOL perpetuals, there were sell-side maker orders totaling $1.01M, while buys were only $84K. The largest single order was close to $190K. This is exchange-level execution data, not on-chain transfers, but the order books are indeed pressuring the price. My observation is that in the short term, large active sell pressure like this is usually not random retail selling—it’s more like big players taking the opportunity to distribute or hedge. Next, focus on two points: first, whether the price can hold up against this wave of sell pressure without breaking down; second, whether the funding rate will also plunge—if the funding rate turns negative, it indicates that bearish sentiment is intensifying and this correction may not be over yet.

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