Long Liquidations Shake Out Solana And BNB Traders, See Why IntelMarkets (INTL) Is Still Bullish
The post Long Liquidations Shake Out Solana And BNB Traders, See Why IntelMarkets (INTL) Is Still Bullish appeared on BitcoinEthereumNews.com.
Long liquidations have shaken the crypto market and impacted Solana (SOL) and Binance Coin (BNB) traders. Bitcoin’s (BTC) drop to a two-week low triggered widespread sell-offs. While both SOL and BNB struggle to hold key support levels, traders are turning to bullish alternatives like IntelMarkets (INTL). IntelMarkets offers AI-powered trading tools, up to 1000x leverage, and advanced risk management features. Bitcoin Drops Below $62,000 as $350 Million in Liquidations Hit the Market Bitcoin fell to a two-week low of under $62,000, wiping out approximately 120,000 traders and causing $350 million in liquidations. BTC was trading around $64,000 on October 1, 2024, but the bear drove it lower. In addition, SOL and BNB also suffered losses due to this. Despite recent interest rate cuts by the US Federal Reserve, which had previously sparked a BTC rally, the market remains highly volatile. Interestingly, this price plunge occurred just after Fed Chair Jerome Powell indicated more rate cuts could be expected by the year’s end. The liquidation surge largely impacted over-leveraged traders. SOL and BNB traders are worried and looking to invest in bullish projects like IntelMarkets. Solana Struggles to Reclaim the $144 Support After Liquidations After the liquidations, the price of Solana’s SOL token has been facing bearish pressure. SOL has dropped over 11% in the past week and was trading around $137 in the first week of October 2024. Solana’s performance against Bitcoin is one of the factors behind its current struggle. Analysts say the $144 price level of SOL is a key support point. If SOL doesn’t reclaim $144 soon, it could see further declines, with the next critical support level at $120. A drop to $120 is possible if bearish trends persist, but holding this level might prevent further losses for Solana. While earlier predictions suggested SOL could consolidate…
Filed under: News - @ October 6, 2024 7:27 am