#Solana行情走势解读 **Crypto Market Cycle Rotation: Where Are the Opportunities During the Accumulation Phase?**

Today’s market saw a slight pullback. Bitcoin hovers near the $90,000 mark, with a quote of approximately $90,800, and 24-hour decline kept within 1.2%. After touching a low of $91,200, it rebounded. Ethereum performed relatively steadily, quoted at $3,090, with a decline of only 0.7%. The total market capitalization of cryptocurrencies remains around $3.06 trillion, and there are no signs of panic selling in the market.

However, risks should be watched carefully — in the past 24 hours, the total liquidations across the network reached $374 million, with about 134,200 traders experiencing stop-loss triggers. Long positions were liquidated for $260 million, and shorts faced pressure of $115 million, indicating dual-sided market pressure.

**On-Chain Data Reveals Accumulation Signals**

From an on-chain perspective, Glassnode data shows that the BTC VDD multiple is in a low range, which typically indicates that the market is still in the accumulation phase — selling pressure from long-term holders is limited, and large holders have not significantly reduced their positions. In this environment, small fluctuations often present opportunities for accumulators.

There is also unusual activity among whales: an institutional wallet transferred 570 BTC to an unknown address, worth approximately $51.535 million, attracting market attention. The purpose of the transfer still needs to be observed, but institutional liquidity adjustments often signal upcoming strategic changes.

**Macro Pressure and Policy Impact**

The US dollar index has risen for four consecutive days to its highest level since January, putting risk assets under pressure. Meanwhile, the US Department of Justice has obtained court approval to auction off 69,370 BTC seized in the "Silk Road" case. Although this selling pressure may cause short-term market sentiment shocks, historical experience suggests that such large releases are usually quickly absorbed by the market.

**Technical Outlook**

XRP, after leverage position resets, has formed a golden cross and currently holds above the $2.10 support level. The rebound momentum is worth watching. In the current market landscape, technical support levels often serve as reference points for medium-term positioning.