2024-10-27 21:00 |
Solana’s price recently faced challenges in maintaining $175 as a support level, which halted its upward momentum after weeks of gains. This loss in bullish momentum has put SOL under pressure, making it vulnerable to a potential drawdown.
As traders assess the outlook, Solana’s price action is becoming a key focus for market participants, particularly after recent setbacks.
Solana Is Losing Its BullishnessIn the past 24 hours, traders who placed long positions on Solana experienced substantial liquidations, signaling a shift in market sentiment. The recent drop in SOL’s price triggered about $25 million in long liquidations, the largest single-day liquidation for Solana in three months.
The scale of these liquidations may have shaken confidence among bulls, potentially leading some investors to step back. However, while the market appears cautious, the extent of long liquidations also highlights the volatility in Solana’s price action.
Read more: Solana vs. Ethereum: An Ultimate Comparison
Solana Liquidations. Source: CoinglassThe macro momentum for Solana is showing signs of slowing, with technical indicators like the Moving Average Convergence Divergence (MACD) pointing to a potential shift. The MACD histogram bars are shrinking, signaling a decrease in bullish momentum and hinting at a possible downturn.
The receding MACD bars suggest that Solana’s recent uptrend might be losing steam, with bearish sentiment building in the background. This transition in momentum could indicate that Solana is entering a consolidation phase or, worse, a more significant retracement.
Solana MACD. Source: TradingView SOL Price Prediction: Braving the BarriersAfter experiencing a 7% drop in the past day, Solana’s price has retreated to $169, failing to secure $175 as a support. The peak of bullish momentum appears to have reversed, leading to a downward trajectory that could push SOL lower if buyers do not step in. The next support level at $161 is crucial, and Solana may breach it if current trends continue.
Should SOL lose the $161 support, it could descend to $155 or even lower, depending on selling pressure. This decline would further confirm bearish sentiment, making a recovery more challenging unless buying interest picks up significantly.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
Solana Price Analysis. Source: TradingViewHowever, if bullish sentiment regains strength, Solana may stabilize and attempt another rally. A successful break above $175 could invalidate the current bearish thesis, potentially propelling Solana back toward $180.
The post Solana’s Bull Run Halts with 3-Month High Liquidations After 7% Price Drop appeared first on BeInCrypto.
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