- The solana price has dropped by about 7% over the last 24 hours.
- Metrics indicate mixed reactions.
As a researcher with extensive experience in cryptocurrency markets, I’ve been closely monitoring Solana (SOL) over the past few days. The recent 7% price drop within the last 24 hours has raised some concerns among investors and traders. Metrics indicate mixed reactions, with support and resistance levels coming into play.
As a Solana (SOL) investor, I’ve noticed a significant decline of approximately 7% in the coin’s price over the past 24 hours. Previously, SOL had been displaying a bullish pennant pattern on the charts.
Over the past 38 hours, Solana has shifted its trend, leading to the recent drop in price.
At present, the price of Solana on CoinMarketCap is reported as $125.18. This represents a 7% decline over the past day, and a more substantial drop of 13.54% within the previous week.
As a crypto investor, I’ve noticed that Solana’s market cap has taken a hit, decreasing by approximately 6.65% to reach a current value of around 57.9 billion. On the other hand, trading volume for this digital asset has experienced a significant surge, jumping up by an impressive 181.15% within the last 24 hours.
The price of SOL was being put to the test at the significant support point of approximately $125. This support point holds importance as it has previously been dismissed on multiple occasions.
Should Solana not manage to uphold this level of support, there’s a risk that the price will drop even lower. Conversely, a possible price turnaround back to the bullish pennant support could transpire if this level is defended successfully.
Whale activity and development insights
According to AMBCrypto’s interpretation of Santiment’s insights into whale transactions and project development, notable patterns emerged.
As an analyst, I’ve observed that the proportion of Solana’s entire supply in the possession of large investors, or “whales,” has shown a consistent trend. This observation implies that these whale investors are cautiously monitoring market movements before making substantial moves themselves.
Social volumes and construction projects have shown some instability as of late. These ups and downs align with larger trends in pricing, serving as an essential marker for investors to monitor closely in the coming months.
Liquidation pressure mounts
Based on liquidation data from Coinglass’s Binance heatmap, there’s growing tension on leveraged trades. With Solana’s price dropping further, the probability of successive margin calls becomes higher.
This could potentially fuel the current decline.
Read Solana’s [SOL] Price Prediction 2024-2025
What next for Solana?
Should Solana maintain its current level of support in the market, its future prospects remain optimistic. However, if Solana’s price drops beneath this support, it could lead to additional decreases and a possible retest of lower support thresholds.
In other words, if the defense at the support level is strong, it could lead to a shift in market sentiment and potentially cause a bullish reversal.
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2024-06-24 17:43