#Solana

Trade Sol now . . . bearish sentiments confirmed ❤❤❤❤❤$SOL

𝙎𝙤𝙡𝙖𝙣𝙖 𝙋𝙧𝙞𝙘𝙚 𝙋𝙧𝙚𝙙𝙞𝙘𝙩𝙞𝙤𝙣- 𝙒𝙝𝙖𝙡𝙚 𝘿𝙪𝙢𝙥𝙨 $17𝙈 𝙎𝙊𝙇 𝘼𝙛𝙩𝙚𝙧 𝙍𝙚𝙘𝙤𝙧𝙙 $57𝙈 𝙇𝙤𝙣𝙜 𝙎𝙦𝙪𝙚𝙚𝙯𝙚 𝘼𝙨 𝘾𝙧𝙖𝙨𝙝 𝙩𝙤 $120 𝙇𝙤𝙤𝙠𝙨 𝙄𝙢𝙢𝙞𝙣𝙚𝙣𝙩

Solana price trades at $163 today, August 2, with a 2.86% drop in 24 hours. Whales are now selling, fuelling the possibility of further dips. With longs taking the brunt, a fall to $120 is a real possibility, especially now that a bearish structure is emerging.

Solana has been dropping for the last seven days. This crash has brought its seven-day drop to 12%. Bears have been dumping their tokens without much of a rush. Because of this, the drop has been gradual and created a rounding top.

When there is a sudden spike in selling, one would expect Solana price to rebound quickly. That is because there will be uncollected liquidity that traders will begin to hunt. But now, there is no chance of this happening. The fall has not left any gap that bulls might exploit.

Lastly, whales are adding to the selling pressure. Lookonchain notes the activity of one whale that has moved 108,016 SOL, worth $17.7 million, to two exchanges: OKX and Binance. When whales are panicking, it is a bad sign for the SOL price.

From the peak of $206 to support at $159 is a 22% fall. This drop will be replicated again when the SOL price falls under $159. It is only a 2.45% decline from today’s price. Considering that weekend swings are often unkind to bulls, losing this support might happen this weekend.

In this case, it is possible for the Solana price to reach $120. Most likely, August might not end without SOL touching this price. This will likely be the case if bears tighten their grip on the market like they are doing now.