By market capitalization, Solana (SOL), the fifth largest cryptocurrency globally, has failed to maintain strength, with the current price set to decline. Current market sentiment appears bearish, and major assets are experiencing significant declines. SOL has also fallen below its key support level of $180.
Solana (SOL) price trends and upcoming levels
According to expert technical analysis, SOL has been supported by this key level since November 2024 and has been tested multiple times.
Source: Trading View
However, this time, due to the asset's failure to hold, it lost this key level and closed below $180, partially confirming the future bearish trend. Based on recent price movements and historical patterns, SOL is likely to drop 15% in the coming days, reaching a level of $155.
SOL outflow valued at $115 million
According to on-chain analytics firm Coinglass, after this significant drop, investors and long-term holders have been accumulating SOL tokens. Data on spot inflows and outflows shows that exchanges have witnessed a massive outflow of assets worth $115 million, indicating potential accumulation.
Source: Coinglass
In this bearish market trend, such capital outflows may create buying pressure and potentially lead to a price rebound.
However, day traders seem to be following long-term holders as they appear to be betting bullish.
Long-term bet valued at $45 million
Data shows that traders holding long positions dominate this asset, with leverage too high, reaching $174.3, and long positions valued at $45 million. Due to the large number of open positions, this level has become a key support.
Conversely, $180 is another key level where traders holding short positions have high leverage, with short positions valued at $15.5 million. This suggests that shorts are exhausted, which may assist bulls in recovering lost support.
Source: Coinglass
Current price momentum
The current trading price of SOL is close to $177, and it has dropped 6% in the past 24 hours. During the same period, its trading volume surged by 110%, indicating increased participation from traders and investors during the price decline.