Date: Wednesday, August 07, 2024, 05:35 AM GMT
The cryptocurrency market has seen a much-needed recovery rally over the past 48 hours. After a rough start to the month, which saw Bitcoin drop from $70K to $49K in just six days due to global market downturns and geopolitical tensions, things are finally looking up.
Solana (SOL) Recovery:
Today, Bitcoin bounced back, rising to $57K from a low of $49,121. This surge helped drive an impressive recovery for Solana $SOL , the fifth-largest cryptocurrency.
In the last 48 hours, Solana's price has jumped by 39.74%, climbing from $110 to its current price of $153.80, which is a 9.06% increase today alone.
What’s the Next Move?
Source: TradingView
After breaking the resistance level at $141.20, Solana has now reached $153.80. The next challenge is breaking the resistance around $157. If Solana can surpass this level, the next targets are $161 and $169.
Solana (SOL) Liquidation:
According to data from Coinglass, in the past 24 hours, investors have lost a total of $15.1 million. Long orders saw liquidations amounting to $5.76 million, while short orders faced $9.41 million in liquidations.
Solana’s strong recovery and potential for further gains make it one to watch closely in the coming days.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk, and you should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
