Just as expected, $VELVET just slammed into a massive wall. After that crazy run through June, it tried to push higher but got aggressively slapped down by sellers right at major overhead resistance

The short-term market structure flipped, and the bears are driving now. Here is the breakdown and the levels you need to watch

The Rejection: Bulls tried to force a breakout but got completely stuffed in the $0.45 – $0.48 zone

The Price Action: Multiple 4H candles left ugly upper wicks. Every time it pumped into that liquidity pool, heavy spot selling crushed it back down

Structure Break: Price slipped below short-term MAs and the 1H Supertrend. The immediate bias is definitely bearish

Why the Heavy Selling?

Exchange Inflows: On-chain data shows project wallets and DWF Labs dumping millions of tokens onto Gate.io. That is pure overhead spot pressure

Unlocks: A big token unlock is hitting between July 6 and July 12. Nobody wants to bid aggressively into incoming supply

Long Squeeze: The drop triggered a wave of long liquidations in futures, flushing out leverage and leaving spot highly vulnerable

#dump?

#altcoin ‌