$USELESS fell 12.3% to 0.173. On Gate Perpetuals, the 24-hour high was 0.1985 and the low was 0.1611, with a range of about 23%. Trading volume was around 2.76 million U, and the funding rate was basically zero (4h).
Market action: At around 10 p.m. last night, roughly 320,000 U in selling pushed the price straight below 0.18. At 8 a.m. today, another roughly 390,000 U in selling drove it down to the daily low of 0.1611—the largest volume of the day. It then bounced on declining volume, but stalled at 0.179 around 1–2 p.m. From 5 p.m. onward, it gradually slid back to 0.173, with only a few tens of thousands of U traded per hour.
Reason: SOL fell 4.5% today to 106, dragging down on-chain meme coins as positions were cut. USELESS is more volatile, so it fell harder. BTC was roughly flat at 83359, so this isn’t a broad-market crash; money is flowing out of the SOL ecosystem.
Conclusion: Bearish bias. Consider a small short on a bounce to 0.176–0.178, with a stop-loss at 0.181. First target: 0.165; if that breaks, look to the daily low at 0.161. If it reclaims 0.181 on strong volume, admit the trade is wrong—don’t stubbornly hold on.
Market action: At around 10 p.m. last night, roughly 320,000 U in selling pushed the price straight below 0.18. At 8 a.m. today, another roughly 390,000 U in selling drove it down to the daily low of 0.1611—the largest volume of the day. It then bounced on declining volume, but stalled at 0.179 around 1–2 p.m. From 5 p.m. onward, it gradually slid back to 0.173, with only a few tens of thousands of U traded per hour.
Reason: SOL fell 4.5% today to 106, dragging down on-chain meme coins as positions were cut. USELESS is more volatile, so it fell harder. BTC was roughly flat at 83359, so this isn’t a broad-market crash; money is flowing out of the SOL ecosystem.
Conclusion: Bearish bias. Consider a small short on a bounce to 0.176–0.178, with a stop-loss at 0.181. First target: 0.165; if that breaks, look to the daily low at 0.161. If it reclaims 0.181 on strong volume, admit the trade is wrong—don’t stubbornly hold on.