$SLX From the perspective of the SLX market maker: the daily, 4-hour, and 1-hour charts are all running below the Super Trend; the TD is continuously counting down. The funding rate has been persistently negative (trading at a discount), with shorts controlling the market. The current best harvesting path is to first churn narrowly around 0.1395 for 2–3 days, repeatedly use needle-like spikes to lure longs and flush out short-term retail bottom-buyers. After the long positions’ stop losses are triggered in large batches, then concentrate the sell-off to break through support. The ultimate bottom range for this wave is 0.122–0.128. Here, a large amount of retail long positions’ stop losses and low-level waiting capital are piled up; once prices are smashed into this range, deep accumulation will be completed.

A short-term modest rebound only reaches the resistance zone of 0.145–0.148. It’s all a window for shorts to add and exit, with no sustained reversal momentum. The real reversal market must wait until the 0.125 bottom completes the capital exchange, contract open interest drops significantly, and the funding rate turns from negative to positive—then it will start. The time estimate is 4–7 trading days. The first reversal target is 0.163 (the daily Super Trend resistance level), and the medium-term high is 0.195. Throughout the process, it will first kill longs and then accumulate; rebounds are only for a second round of distribution. At this stage, any bottom-fishing is likely to be worn down by choppy price action or trapped deep in a loss.