Solana ($SOL ) is currently experiencing significant market turbulence, with its price dropping to approximately $160 amid a 6% intraday decline. This downturn has resulted in over $24 million in liquidations, predominantly affecting long positions. A critical support level lies at $158, where an estimated $111 million in long positions could be liquidated if breached, potentially accelerating the downward momentum.
Technical analysis indicates that SOL is approaching the apex of a symmetrical triangle pattern, suggesting an imminent breakout. A successful upward breakout could see resistance at $155, with potential to reach $180. Conversely, a breakdown may lead to a retest of the $134 support level.
Market sentiment is currently leaning bearish, as evidenced by a long-to-short ratio of 0.9335, indicating a slight dominance of short positions. Additionally, a cluster of short liquidations between $145 and $150 suggests that a price movement above this range could trigger a short squeeze, potentially driving the price higher.
Investors should closely monitor these key levels and market indicators to navigate the current volatility in Solana's price action.
