Will Solana (SOL) Break Crucial Level and Reach $125 ?
Solana (SOL), the world’s fifth-largest cryptocurrency, saw its price drop over 8% in the past 24 hours, breaking a key support level at $157. This decline could push SOL towards the $125 mark.
Key Points:
- Liquidations: $16.22 million in long and short positions were liquidated in the last 24 hours.
- Trading Levels: SOL's key liquidation levels are $146 (lower) and $162 (upper).
- Current Status: Trading near $150, SOL has seen over 8% downside momentum and a significant decline in open interest (OI), indicating reduced investor confidence.
- Market Sentiment: Most liquidations came from long positions, totaling $16.22 million, while $6.22 million were from short positions.
Potential Scenarios:
- If SOL falls to $146, nearly $40 million in long positions could be liquidated.
- If SOL rises to $162, around $147 million in short positions could be liquidated.
Technical Analysis:
- Bearish Indicators: SOL has dropped below the 200 Exponential Moving Average (EMA) in a 4-hour timeframe, signaling potential bearishness.
- Support Levels: Historical data suggests SOL could reach $143 and $125, expected to act as support.
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