There is a dynamic that cannot be ignored worth following - the leading encryption company Uperxi, which holds 2 million SOL, has just submitted a $1 billion shelf registration application. On the surface, it seems like a financing move, but the underlying logic is actually quite painful.

The company's stock price has plummeted over 95% from its peak, and its market value now stands at only $115 million. You can imagine what the real purpose of financing is when a major holder with 2 million SOL faces such a predicament—supporting operations, repaying debts, and ultimately, it inevitably comes down to liquidating assets. Once this financing is finalized, the risk of a market crash will immediately be on the table. For SOL, which is already under pressure, this is just another stone added to the load.

Looking at the technical performance again. The MACD white and yellow lines continue to stay below the zero axis, which is not a good signal, indicating that the bears have strong control. The rebound has no strength, it is all weak.

The price is struggling repeatedly around the position of 123 dollars, with two solid resistance levels above - in the range of 135 to 140 dollars, where there is a heavy accumulation of trapped positions. On the downside, if 123 is broken, the support levels are 116 and then deeper at 111. From a technical perspective, the bearish structure is still intact, and 123 is the last critical line; once it is lost, it can easily trigger an accelerated decline.

The short-term sentiment is indeed weak, and the financing news itself has created pressure. However, don't panic too much; during this time, it's important to see the true signals from the technology. If 123 can hold, then a rebound to the 135-140 range would be a worthwhile exit opportunity; if it effectively breaks below 123, then 116 will become a key defensive position. That's how the market works; information and technology often resonate in the same direction, and grasping the rhythm well can help avoid being passively hit.