The message explosion in the backend these days, the most common complaint is: the margin will explode again. Indeed, a certain leading exchange's recent pledge rate adjustment caught many off guard. XPL's pledge rate was directly cut by 9.13%, making it the biggest drop among the assets in this adjustment wave. Friends holding positions as margin now have to either top up or accept defeat. There will definitely be selling pressure in the short term, but this may not all be a bad thing.

From another perspective, can this wave of forced liquidations create opportunities? Let's first look at XPL itself. Last September, it broke through a triple bottom. On the technical side, the RSI is still hovering in the neutral zone, showing no signs of extreme overbought conditions. The key is the sector it’s in, which has been caught at the "Tokenization Super Cycle" node over the past two years, but is now being suppressed by leverage-driven selling pressure.

Here are some practical operational ideas: how to seize opportunities when sentiment is at its worst. First, observe the performance of these 7 assets before and after the January 12 adjustment, paying special attention to any panic drops exceeding 5%—don’t rush to buy the dip in such cases. Second, wait 1 to 2 days after the adjustment, and watch the trading volume. If volume significantly increases during the decline and shrinks during the rebound, it indicates the market is still in a tug-of-war and sentiment hasn't stabilized; continue to observe. Third, once you see a "volume-driven rebound" and the rebound breaks through the pre-adjustment high, you can generally judge that panic has been released. Small positions can be tested, with stop-loss set at the lowest point of this wave of adjustment.

Of course, any contrarian operation is not a all-in gamble; risk control is always the top priority.