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$SOL is bullish. Current price is 120.49, just one step away from the intraday high, this upward move is not over yet. The key is the last hour. The price retracement from the high mostly forced liquidations of long positions, with shorts only a small fraction. This indicates that leveraged longs who chased the high were just shaken out, not that shorts gave up and pushed the price up. This rally was not significantly driven by short liquidations; the real short fuel is still on the field. What got squeezed out were floating positions, leaving behind more solid cost basis positions. Retail longs are decreasing in proportion, and the funding rate is fluctuating; these two should be considered background only. They only indicate one thing: retail investors are not crowded chasing the high, the market is not congested. Judgment: After short-term longs are cleared, $SOL is more likely to surge again to 122.21 and hold there; the first wave of short covering will become the source of the next acceleration. Bearish reversal condition: If the price falls back below 113.46 and today's gains are fully given back, the bullish logic no longer holds.