$SLX It went from 0.24 to 0.38 in one day, with 40% of the liquidation list being shorts, but this pin hasn't reached the neckline yet.

Let's talk about the logic first: retail investors cut losses at 0.25, whales distributed at 0.38, and if you rush in now, you are the third layer of bag holders.

24h volume is 418 million, turnover rate is exploding, but have you checked the direction of net capital outflow?

Three bullish points: 1. Short-term momentum inertia remains, 0.35 hasn't been broken, the FOMO sentiment hasn't faded; if it holds above 0.39 tonight, short-term traders will continue to push.

2. On-chain data shows 100k-level addresses accumulating between 0.30-0.32, these chips haven't moved, indicating there are still major players locking positions.

3. 24h volatility is 67%, typical characteristics of a monkey market; hot money loves this kind of fluctuation, and there might be a second wave after the washout.

Three bearish points: 1. 0.4123 is the previous high of the rebound and also a historical dense resistance area; if this level shows increasing volume without further upward movement, it is a classic distribution pattern.

2. The perpetual contract funding rate has already become positive at 0.15%, indicating long crowding; based on experience, this rate cannot last more than 48 hours.

3. The daily MACD is still below the zero line, the weekly line is in a downtrend; this wave is most likely just a bear market rally.

My operation: Do not open longs above 0.38; if it retests 0.32 without breaking, can try a small position long with stop loss at 0.30. For shorts, wait for a retest of 0.41 that fails before entering, with a risk-reward ratio of 3:1 to be worthwhile.

Don't ask me if you should buy today; if you ask, I'd say it's still in the shuffling phase. Reply 1 if it can rise, reply 2 if it's going to crash.