If SOL closes a daily candle below the $122 level, there is a high possibility it could fall another 30% and reach the $77 level.
Analysts hint whales are pushing SOL down to make noobs sell off their holdings, to buy back at a lower level.The overall cryptocurrency market has crashed by 16% in the last 24 hours due to geopolitical tension and Japan’s recent interest rate update., the world’s fifth-biggest cryptocurrency by market capitalization has experienced a critical breakdown of its support level at $121. This breakdown occurred as SOL saw a notable price drop of over 20% in the last 24 hours.
Apart from this, it has also experienced a major breakdown of crucial support levels. However, the daily candle closing will be important for SOl to determine whether it will continue to fall or we may see a reversal. If SOL closes a daily candle below the $122 level, there is a high possibility it could fall another 30% and reach the $77 level in the coming days.
Meanwhile, if SOL closes a candle above $122, there is a high chance of a potential price reversal to $155 in the coming days.Despite the Solana price prediction, the technical indicator Relative Strength Index is in the oversold area, potentially signaling a price reversal. As of now, the two major liquidation levels are at $100 on the lower side and $130 on the upper side, according to an on-chain analytic firm CoinGlass.If the market continues to fall and reaches the $100 level, $40.5 million of long positions will be liquidated. Conversely, if sentiment changes and SOL rises to the $130 level, nearly $140 million of short positions will be liquidated.Chanakya G is an analyst with 4 years of experience looking at the crypto-markets.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana: Key metrics have the answer why SOL may never break its ATHSolana [SOL] may never break its all-time high of $260 which it hit in November, 2021.
Read more »
Solana’s $1000 target: Analyst sounds alarm on SOL’s inflation riskSolana inflation rate debate raged as analyst claims SOL could fail to hit its $1000 per coin target if the trend persists.
Read more »
Solana traders, SOL’s latest breakout means THIS for you!A recent pattern break pulled SOL below the crucial 20-day EMA after the bears re-entered the market to provoke a downtrend...
Read more »
Solana at a major turning point: Can SOL hold on to its gains?Explore Solana price movements, key support levels, whale activity, and upcoming potential breakout or breakdown amidst market fluctuations.
Read more »
Solana price prediction: Will the third move towards $190 be lucky for SOL bulls?Solana faces resistance at $190. Will growing bullish momentum break through? Analyzing price action, on-chain metrics, and liquidation data
Read more »
Solana’s trading volume spikes: Analyzing the impact on SOL pricesSolana volume saw a surge and so did its Total Value Locked (TVL), as activities of memcoins ramp up on the network.
Read more »