SOL is singing the old tune again: "Brothers, trust me one more time, this wave is definitely the last one!" And what happens? Every time the "last wave" turns into the retail investor's last drop of tears.

The monitoring data shows an interesting situation. The bulls are clearly starting to "catch their breath" at this point, and the manipulator's trading strategy has shifted to preparatory actions for phased distribution. In the short term, it looks like a cyclical script of "inducing bullishness → distributing → pulling back." The core issue now is not whether "it can continue to surge upward," but rather "if it does surge, who will be there to buy, and who will get stuck?"

First, let's put the conclusion upfront: the overall trend is still biased towards the long side, but the momentum of the bulls is clearly diminishing. It is easy to see a rhythm of "fluctuating at a high position → oscillating → then pulling back down." The operational thought process is: close out long positions, guard against long traps, and look for opportunities to short. The principle of risk management is very simple—do not go long.

**How to read the market structure:**

The strong trend is approaching its end, which usually shows three signals. First, although the price can still rise, the driving efficiency is declining— the same buying power cannot push higher prices, indicating that the selling pressure and profit-taking are continuously accumulating above. Second, the characteristics of "periodic distribution" become visible, not directly breaking through, but repeatedly tempting— rising, consolidating, then rising again, and consolidating again, until suddenly stepping on all the liquidity of those chasing highs. Finally, the easiest trap to fall into is the "false breakout that entices buying"— after the price breaks through the key range, it instantly turns around and breaks through the short-term support, leading to long positions being liquidated and leveraged positions being forced to close, allowing the operators to complete their distribution and washing out.

**Key Price Range:**

The upper part is the distribution window for gold, while the lower part is the area for accumulation and support. The key interval for bearish pressure (the higher you go, the more it resembles a distribution area) - the first resistance level is between 126.11 and 126.71, which is the position that is most likely to be tested repeatedly in the short term; the second resistance continues to rise. From this perspective, the space for bulls is limited, and the risk of a pullback is increasing.