The post Solana’s Price Faces Pressure: Could It Approach $210 Amid Rising Selling Sentiment? appeared on BitcoinEthereumNews.com.

Solana’s recent dip in value, highlighted by substantial liquidation levels, points toward potential challenges ahead for the network. The cryptocurrency experienced a notable 5% decrease in the last 24 hours, with indicators pointing to increasing selling pressure in the market. “Levels like $210 and below $200 hold the highest concentration of liquidations across exchanges,” cautioned the data analytics platform Alphractal. Solana faces potential liquidation risks as bearish trends emerge, with short-term price targets highlighting significant levels for liquidations around $210. Solana’s Liquidation Hurdles Highlighted According to CoinMarketCap, Solana’s price had surged more than 34% in the last month, reaching a market cap of $106 billion. Such bullish momentum, however, is now facing challenges as recent analytics shed light on critical liquidation levels. The analytics firm Alphractal tweeted insights indicating that bearish sentiment is likely to trigger liquidations between $247 and $252, especially as numerous long positions remain unliquidated from the last bull run. These insights suggest a precarious position for traders who are contemplating long entries, as an upcoming spike in liquidation around $210 could trigger a pronounced price correction. Understanding the Causes of SOL’s Recent Decline As of now, Solana’s price sits at $224.94, reflecting a recent correction of over 5%. This downturn is attributed to increased selling pressure, likely tied to profit-taking after the recent bull cycle. Data indicates that the inflows to centralized exchanges (CEX) surged just before this latest price drop, marking a potential strategic move by investors looking to capitalize on the upswing. Furthermore, Alphractal points out that a drop to $210 could serve as a strategic reentry point for investors, with liquidation levels concentrated at this threshold. To further explore Solana’s bearish outlook, Coinglass data reveals an uptick in short positions, suggesting a growing sentiment leaning towards pessimism. This condition is alarming as it…

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Filed under: News - @ December 3, 2024 4:17 am