Solana Faces Major Liquidations
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Solana investors encountered a substantial $15 million liquidation recently. The cryptocurrency has been oscillating between $162 and $125, with buyers and sellers vying for control since April.
This lack of significant market activity, especially since early August, has hindered Solana’s ability to maintain upward momentum.
The SOL price surged past $125, with futures and perpetual open interest (OI) witnessing a notable rise this month. Since August 1, OI has plummeted by 32%, from $2.47 billion to $1.7 billion. Despite the decline suggesting a market recovery, caution persists among investors even after a 25% price hike to $165, with OI only rising by $200 million during this period.
Additionally, Solana’s spot volumes have shown minimal urgency. On August 5, SOL hit a global trading volume of $74 billion, ranking as the third-highest in 2024. Presently, the spot volume has shrunk to $7.5 billion.
The recent dip in trading activity has been a critical factor in Solana’s 25% recovery from $110, highlighting low liquidity as a reason for a recent 10% price drop.
How Does the SOL Chart Look?
Solana’s price has been moving sideways, with some analysts predicting a potential surge past $190. Matthew Dixon, CEO of Evai.io, observed a clear five-wave upward trend post-weekend correction. Since an April 2024 35% correction, SOL/USD has fluctuated between $162 and $127 for 82 out of 121 days, with $150 playing a pivotal role.
The chart reveals that whenever SOL surpasses $150, it tends to climb towards the upper range of $162. However, its recent rise above $150 failed to break past $162, marking an anomaly in its 121-day pattern. Despite this, SOL shows a consistent intention to close above the $150 level.
