Explore Solana price movements, key support levels, whale activity, and upcoming potential breakout or breakdown amidst market fluctuations.
Solana is testing a key support level at $160. A move in either direction will be a turning point for SOL, here’s how.has faced a sharp decline, dipping by about 18% in value over the last four days. This bearish downturn comes after a rejection at the $190 resistance level.
The rejection ended a previous bullish rally, leading to a bearish run that is currently testing the resilience of the Solana support level of $160 at press time.It is worth noting that the symmetrical triangle pattern sometimes indicates a continuation or reversal, depending on which way it breaks out.
The convergence of the triangle’s resistance with the support level makes this area especially important. A break below may signal more downside potential, while a bounce could suggest an impending reversal.This comes after a big market liquidation where $3.71 million worth of positions were cleared at the $161 price point, according to Coinglass data.
Historically, when this happens, selling pressure is exhausted and over-leveraged bearish investors are being taken out of the market. This creates room for new buyers to enter, which could result in prices bouncing back.According to Hyblock data, 31.51% of Solana is held by whales. This indicated that these large investors controlled a significant amount of the total supply compared to smaller retail investors.Solana is in the middle of a make-or-break period.
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