$SOL 24h down 0.65% to 109.85. Over the same period, BTC rose 0.31% and ETH was basically flat (-0.02%); SOL slightly underperformed the broader market. Gate perpetuals recorded a daily high of 111.99 and low of 108.38, with a range of about 3.3% and 24h volume of around 258 million U.
Market action: When BTC surged to 83,499.6 at 19:00 last night, SOL also hit its daily high of 111.99 in the same hour, with volume of about 18.03 million U. At 21:00, BTC fell back on rising volume, and SOL likewise saw volume rise to about 20.3 million U as it dropped to 109.07. At 03:00 this morning, it tested the daily low of 108.38. Volume then kept declining after 05:00, with most hours seeing only 4.5–10.5 million U. At 11:00, volume was just about 4.53 million U, while the price churned in a narrow range between 108.9 and 110.3.
Correlation: SOL’s two previous volume spikes coincided with BTC’s unusual volume surges in the same hours, indicating that it is currently following the broader market and lacks independent buying pressure. BTC trading volume also contracted over the weekend, with only about 17–49 million U per hour over the past five hours. With no fresh capital entering the market, a high-volatility coin like SOL has little impetus to establish a direction. The funding rate is -0.0021% (8h), suggesting a slight crowding of short positions, but the rate is too small to create conditions for a short squeeze.
Conclusion: Don’t chase shorts unless 108.38 breaks. Only look toward 111.99 if the price holds above 110.3 on rising volume. If 108.38 breaks, consider a small short position, with a stop-loss at 109.4 and a target of 107. If BTC can’t hold above 82,000, don’t rush to buy the dip in SOL either.
Market action: When BTC surged to 83,499.6 at 19:00 last night, SOL also hit its daily high of 111.99 in the same hour, with volume of about 18.03 million U. At 21:00, BTC fell back on rising volume, and SOL likewise saw volume rise to about 20.3 million U as it dropped to 109.07. At 03:00 this morning, it tested the daily low of 108.38. Volume then kept declining after 05:00, with most hours seeing only 4.5–10.5 million U. At 11:00, volume was just about 4.53 million U, while the price churned in a narrow range between 108.9 and 110.3.
Correlation: SOL’s two previous volume spikes coincided with BTC’s unusual volume surges in the same hours, indicating that it is currently following the broader market and lacks independent buying pressure. BTC trading volume also contracted over the weekend, with only about 17–49 million U per hour over the past five hours. With no fresh capital entering the market, a high-volatility coin like SOL has little impetus to establish a direction. The funding rate is -0.0021% (8h), suggesting a slight crowding of short positions, but the rate is too small to create conditions for a short squeeze.
Conclusion: Don’t chase shorts unless 108.38 breaks. Only look toward 111.99 if the price holds above 110.3 on rising volume. If 108.38 breaks, consider a small short position, with a stop-loss at 109.4 and a target of 107. If BTC can’t hold above 82,000, don’t rush to buy the dip in SOL either.