Solana’spricerecentlyfacedchallengesinmaintaining$175asasupportlevel,whichhalteditsupwardmomentumafterweeksofgains.ThislossinbullishmomentumhasputSOLunderpressure,makingitvulnerabletoapotentialdrawdown.
Astradersassesstheoutlook,Solana’spriceactionisbecomingakeyfocusformarketparticipants,particularlyafterrecentsetbacks.
SolanaIsLosingItsBullishness
Inthepast24hours,traderswhoplacedlongpositionsonSolanaexperiencedsubstantialliquidations,signalingashiftinmarketsentiment.TherecentdropinSOL’spricetriggeredabout$25millioninlongliquidations,thelargestsingle-dayliquidationforSolanainthreemonths.
Thescaleoftheseliquidationsmayhaveshakenconfidenceamongbulls,potentiallyleadingsomeinvestorstostepback.However,whilethemarketappearscautious,theextentoflongliquidationsalsohighlightsthevolatilityinSolana’spriceaction.
Readmore:Solanavs.Ethereum:AnUltimateComparison
SolanaLiquidations.Source:Coinglass
ThemacromomentumforSolanaisshowingsignsofslowing,withtechnicalindicatorsliketheMovingAverageConvergenceDivergence(MACD)pointingtoapotentialshift.TheMACDhistogrambarsareshrinking,signalingadecreaseinbullishmomentumandhintingatapossibledownturn.
TherecedingMACDbarssuggestthatSolana’srecentuptrendmightbelosingsteam,withbearishsentimentbuildinginthebackground.ThistransitioninmomentumcouldindicatethatSolanaisenteringaconsolidationphaseor,worse,amoresignificantretracement.
SolanaMACD.Source:TradingView
SOLPricePrediction:BravingtheBarriers
Afterexperiencinga7%dropinthepastday,Solana’spricehasretreatedto$169,failingtosecure$175asasupport.Thepeakofbullishmomentumappearstohavereversed,leadingtoadownwardtrajectorythatcouldpushSOLlowerifbuyersdonotstepin.Thenextsupportlevelat$161iscrucial,andSolanamaybreachitifcurrenttrendscontinue.
ShouldSOLlosethe$161support,itcoulddescendto$155orevenlower,dependingonsellingpressure.Thisdeclinewouldfurtherconfirmbearishsentiment,makingarecoverymorechallengingunlessbuyinginterestpicksupsignificantly.
Readmore:Solana(SOL)PricePrediction2024/2025/2030
SolanaPriceAnalysis.Source:TradingView
However,ifbullishsentimentregainsstrength,Solanamaystabilizeandattemptanotherrally.Asuccessfulbreakabove$175couldinvalidatethecurrentbearishthesis,potentiallypropellingSolanabacktoward$180.
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