Looking at the daily chart of XPL, it has indeed been moving quite aggressively within the downward channel these past few days. The middle band of the Bollinger Bands at 0.1683 has already been broken, and the price is now approaching the lower support at 0.1289, which feels a bit risky.

The most painful part is that the trading volume has been shrinking, the MACD is still oscillating in the bearish zone, and both open interest and OBV are declining in sync — indicating that both major players and retail investors are exiting. Signs of capital leaving are very clear, and the short-term bearish trend has been established.

If the lower band is broken, the previous low at 0.1150 will become the next key support. But don’t be completely pessimistic; a rebound is also possible. However, for a rebound to happen, the price must first break through the resistance of the middle band of the Bollinger Bands. Given the current pace, it’s still wise to watch out for opportunities to short on rallies.