Boom! Solana (L57) just crushed the bulls with $13.41K in short liquidations to reach $172.67!
Bears tried to push the stock 67 down, but $13.41K in short sells pushed REKT to $172.67 - this could spark a new rally.
Technical analysis and trading plan:
Chart structure:
The main resistance level flipped to a support level around $172.50-$174
Breakout from a short-term wedge pattern, bullish engulfing candle spotted on the four-hour chart
Entry area (buy area):
$170.50-$173.00 (ideal retracement area after liquidity flow)
Target levels:
Target 1: $178.90 (recent local peak)
Target 2: $184.60 (next resistance area)
Target 3: $191.00 (psychological extension level and Fibonacci level)
Stop loss:
Below $167.80 (canceled if the price closes below the main support area)
The significance of this:
Short selling = potential continued pressure
Slight decrease in open interest = there may be smart money trading in
Sharp rise in liquidation = momentum shift
Exciting moment for the bulls! If Solana holds above $172, the pressure may accelerate - the next stage could be explosive.
Stay optimistic, or keep being optimistic - or stay away!
