The post Will Solana drop to $210 amid rising liquidations? Assessing… appeared on BitcoinEthereumNews.com.

SOL’s price dropped by 5% in the last 24 hours.  Technical indicators suggested a rise in selling pressure.  Solana [SOL], for the past month, has enjoyed a comfortable upswing. But the latest analysis proposed that there are problems ahead. Therefore, AMBCrypto planned to investigate to find out what these obstacles are and how well SOL is prepared to tackle them.  Solana’s liquidation hurdles  CoinMarketCap’s data revealed that Solana bulls pushed the token’s price up by more than 34% in the last 30 days. This price pump allowed the token to earn a substantial amount of market cap, pushing the number to $106 billion. In the meantime, Alphractal, a data analytics platform, recently posted a tweet, revealing quite a few interesting updates on Solana. As per the tweet, in the short term, bears are likely to be liquidated around $247 to $252. However, over the past month, a significant number of long positions remain unliquidated. The tweet mentioned, “Levels like $210 and below $200 hold the highest concentration of liquidations across exchanges. There’s also a final pool of short positions near $267.” This doesn’t make SOL a viable option for people who are planning to go long on the aforementioned positions, as a rise in liquidation often results in price correction.  What is causing SOL to drop? Meanwhile, Solana witnessed an over 5% price correction in the last 24 hours. At the time of writing, the token was trading at $224.94. A possible reason behind this price decline could be a rise in selling pressure. Analysis revealed that SOL’s CEX inflows surged in the last few days when SOL’s price was bullish. This can be considered a profit-taking move, which resulted in a correction.  Source: ARKHAM However, as pointed out by Alphractal’s tweet, investors might have a good opportunity to reenter…

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Filed under: News - @ December 3, 2024 4:16 am