$SOL A significant event has occurred in the Solana (SOL) market: a $61,300 short position was liquidated at $180.40 on Bybit. This suggests a strong upward movement in SOL's price, catching many traders off guard.
Current Market Overview: As of March 1, 2025, Solana is trading at approximately $149.48. This represents a decline from its January peak of $295.40, influenced by factors such as increased token supply and decreased network activity. Notably, an upcoming release of 11.2 million SOL tokens from the FTX bankruptcy estate has added downward pressure on the price.
Key Levels to Watch:
Support Zones: The $130 level is a critical support area. If SOL fails to maintain this level, it could decline toward the $75 range.
Resistance Levels: On the upside, the $170 to $180 range serves as immediate resistance. A sustained break above this could signal renewed bullish momentum.
Trading Strategy: Given the current market conditions, traders might consider the following approach:
Buy Zone: $130 to $140
Target: $170
Stop Loss: $125