Pay attention to XPL's recent trend, it's quite interesting. The daily high is at 0.2095, but the rally up to 0.1965 has already started to weaken.

Multiple attempts to break through have failed to stabilize, and the underlying momentum is visibly exhausted. The area around the previous high is naturally a selling pressure zone, and now it’s even more constrained—bullish funds clearly have no intention of adding positions, and open interest in contracts is shrinking at high levels. Large traders are quietly accumulating short positions, and signs of chip loosening are very obvious.

The technical indicators are even more straightforward. The short-term divergence has not been repaired yet, the MACD red bars are shrinking one by one, and the moving averages are forming a resistance at high levels. The rebound connecting to the 5-day moving average is out of reach. A failed breakout = a signal for bears to enter, and an adjustment trend is already brewing.

Currently, shorting is quite cost-effective. Set the stop-loss at the 0.20 level; holding this line gives the bears enough confidence. First, watch the support zone around 0.175. This wave of correction is actually a reasonable digestion of the previous gains. There’s no need to over-focus on small rebounds; following the trend is the right approach.