In recent days, Solana investors have liquidated a total of $15 million. Open interest has decreased by 32%, from $2.47 billion to $1.7 billion as of August 1. Investors should now be watching the $150 level closely.
Current Situation and Market Dynamics in Solana
The recent $15 million liquidation was an important development for Solana investors. The altcoin continues to consolidate in the $162 to $125 range, which has been the scene of an intense struggle between buyers and sellers since April. The reason why Solana has not been able to maintain a strong uptrend is that market activity has remained at low levels after the decline in the first week of August.
SOLâs price quickly rose above $125, while futures and continuous open interest (OI) saw a significant increase throughout the month. However, open interest has decreased by 32% since August 1st, from $2.47 billion to $1.7 billion. While this suggests that the futures market is exiting the liquidation process, SOL investors remain cautious even after a 25% rally to $165. OI has only increased by $200 million during this period.
Solanaâs total spot volumes also reflect the low trading volume. On August 5, SOL spot volumes reached $74 billion globally, the third-highest trading volume in 2024. Currently, spot volume has dropped to $7.5 billion. This contraction in spot volumes suggests that the 25% recovery from $110 was due to minimal trading activity. This suggests that low liquidity is another reason why SOL has fallen by 10% in the last two days.
While Solanaâs price action has been trending sideways, analysts believe that the SOL price could be preparing for a big week above $190. Evai.io CEO Matthew Dixon noted that the altcoin saw a five-wave upward move after a correction period over the weekend.
After the 35% correction in April 2024, the SOL/USD pair consolidated between $162 and $127 for 82 out of 121 days. This period corresponds to a 66% time period since the second quarter, and the $150 level has played a significant role. When SOL urgently exceeded $150, it recovered and approached the high range of $162. However, this recovery failed to break above $162. Although this situation is considered a negative exception in the last 121 days, SOL seems to be aiming to close above $150 once again.
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