$SLX Looking at the 30-minute and 4-hour chart details, the previous lows of 0.15959 and 0.13942 have formed two solid step bottoms. Currently, the price has recovered to around 0.195, with heavy historical trapped positions concentrated at the 0.20 level above—this is the first hard resistance for short-term upward movement. Total open interest has remained high for a long time, the open interest difference remains positive and bullish, and short positions continue to accumulate, still providing periodic funding rate income for the main force's long-term longs. Both short-term and long-term CVD remain in negative territory, indicating that the main driving force behind this rebound is passive short covering and retail longs attracted by funding rate income. The main force is still in the phase of digesting today's unlocking selling pressure and steadily accumulating positions, without having officially started a volume-driven breakout. During the day, the price is likely to oscillate and wash out weak hands within the 0.188–0.197 range. As long as the key support at 0.176 is not effectively broken during the pullback, the original expectation of a strong one-sided bullish move between 20:00 and 22:00 tonight remains highly feasible. Two verification indicators need to be tracked going forward: first, the volume of unlocked tokens transferred to exchanges on-chain—if a large number of concentrated chips enter the market to sell, the breakout time will be postponed to July 10, 14:00–16:00; second, watch whether CVD can turn from negative to positive in the evening, confirming incremental entry by the main force. For short-term operations, near the 0.197 level, it is not advisable to blindly chase the uptrend; instead, partial profit-taking on short-term positions can be done. On the futures side, continue to control leverage levels, set stop-loss and take-profit with adequate slippage buffers for the unlocking period, and simultaneously track BTC's market movements to adjust the rhythm expectations in a timely manner.