đŁ Asks Dominate $SOL Orderbook, Is Solana Price Crash to $140 Imminent?
Solana (SOL) is facing an imminent crash despite Bitcoinâs market cap reaching an ATH as the king coin flirts with its $108,000 ATH. Exchange data shows a buildup of ask or sell orders that may push the Solana price to $140 before traders accumulate the dip and aid a breakout past $200.
đž Asks Dominate #SOL Orderbook â Crash Imminent?
At press time, SOL trades at $165 with a slight 2% gain in 24 hours. Despite the gains, Solanaâs order book shows that asks are dominating, as exchange data shows that there is a high number of sell orders above the current price between $170 and $171.
As the price rises, these sell orders are going to be filled, which will intensify the bearish headwinds current facing Solana price. This sell-side pressure may also impede buying pressure and force SOL into a prolonged downtrend before positive catalysts emerge to restore the upward momentum.
Moreover, as the above chart shows, SOL price is not the only one at risk, as asks are also dominating the bullish BTC market. If BTC hits these asks, it may cause BTC to drop further away from its ATH, and this may cause retail interest to waver, and also push the price of Solana down.
đž Liquidation Map Shows a Bearish #Solana Price Outlook
The liquidation map shows a bearish Solana price prediction due to a cluster of long liquidations that are currently below price. Solana risks $35 million in long liquidations if the price slips to $164.
If these positions remain open as SOL drops, the ensuing liquidations will accelerate the selling pressure that will cause an imminent price crash. Additionally, a 3% decline in Solanaâs price from the current $165 to $160 will cause more than $200 million in liquidations.
This data shows that Solana faces immense long liquidations before it can rebound to the upside. Hence, the price will likely drop lower before buyers find better entry positions to support an upward breakout.