The Philadelphia Semiconductor Index ($SOX) is starting to test its recent lows. 👀⚠️ While the data remains bearish, the key thing to watch is whether whale positioning continues to follow if prices break to new lows. So far this week, whales have been increasing their short exposure, as shown by Whale Hunter, pushing $SOXL's short-side Holder Concentration higher again. If prices continue making new lows and short-side Holder Concentration rises alongside them — meaning more short positions are becoming concentrated in whale hands — it would signal continued bearish strength. On the other hand, if prices make new lows but short-side Holder Concentration fails to follow, we could see a bullish divergence forming. Meanwhile, a significant amount of long-side liquidity near the recent lows has already been liquidated, with the remaining major liquidity cluster sitting around 83. This is a critical setup to watch closely over the coming sessions!