Key Insights:
Solana has dropped 12% in a week, with a rounding top pattern suggesting further downside toward the $120 range.
Whale transfers totaling $17.7 million to exchanges have intensified selling pressure during already bearish market conditions.
Over $57 million in long positions were liquidated this week, the highest level since February, fueling momentum for short sellers.
Solana is trading at $163 today, recording a 2.86% decline over the past 24 hours. The cryptocurrency has faced steady losses over the last week and is now down 12 percent. Market data indicates a sustained sell-off from large holders, fueling expectations of further declines.
The recent downturn has formed a bearish rounding top pattern. The drop from the $206 peak to the $159 support marked a 22 percent decline. This structure suggests a similar fall could occur if prices break below the $159 level, which is only a short distance from the current price.
Weakness in Support Levels Raises Risk of $120
The gradual nature of the sell-off has left no uncollected liquidity for bulls to target. Without such gaps, a rebound appears less likely. If support at $159 fails, projections point to a decline toward $120. Market behavior during weekends often intensifies volatility, which could accelerate the drop.
Source: TradingView
Blockchain data from Lookonchain shows one whale transferred 108,016 SOL worth $17.7 million to exchanges OKX and Binance. Large transfers to exchanges typically increase selling pressure, particularly during periods of weak market sentiment. This activity is adding to downward momentum.
Record-Long Liquidations Deepen Market Strain
CoinGlass data shows over $57 million in long positions have been liquidated, marking the highest level since early February. Long traders, who generally anticipate price increases, have faced significant losses. Forced selling from liquidations is benefiting short traders, who are maintaining positions despite paying higher funding rates.
The Awesome Oscillator (AO) is beginning to show green bars, although it remains in negative territory. This may signal that sellers are losing momentum. A move above zero on the AO would be needed to confirm a shift toward potential stabilization.
The post Solana Drops to $163 as Whales Sell and Bearish Pattern Signals $120 Risk appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
