- Solana’s been caught in a bearish breeze, and the past month’s been a rocky ride 🐻🌬️
- The price took a dive, and just like that, any signs of recovery were MIA 🤿
Solana [SOL] has been on a slippery slope, facing some gnarly losses. The news cycle’s been a parade of doom and gloom, too. Like that report that dropped last weekend? Yikes, it was all about how reduced demand and a quiet network could push SOL’s price into the abyss. 📉💔
A 38% nosedive in DEX activity? Not exactly a vote of confidence. And don’t even get me started on the TVL (Total Value Locked) taking a hit. The price charts? Let’s just say $140-$150 is where the magic needs to happen for a comeback. 🎩✨
Oh, Look! SOL’s Taking a Dive Below $180 – Is $120 the New Hotspot?
On 20 February, $180 put up a fight but ended up as resistance. Then, SOL took a 21.45% dive. Bitcoin [BTC]? It was clinging to life above $95.5k before it, too, fell below $90k. And just like that, SOL was caught in the undertow. 🌊📉
The OBV’s been on a southbound journey since January. It’s been making lower lows since November, but January’s rally and demand? Well, that was a glimmer of hope that the downtrend might not be the end of days. 🌟🤞
The RSI on the daily chart? Oversold. Does that mean a rebound is imminent? Not necessarily. But it does suggest that $135 might be a temporary life raft. 🚣♂️🌊
Losing the $151-level, which was the 78.6% Fibonacci retracement level, was a kick in the pants. Now, it’s looking like the $120 low from September is the next bullseye. 🎯📉
The 3-month liquidation heatmap shows that the levels from $165 to $135 have been wiped out. $125 is in the crosshairs now. Let’s see if it can hold up. 🎯🔥
If SOL can muster the strength to climb back above $150, it might find a cozy spot to consolidate in the $140-$160 zone. The price is drawn to big liquidity pools, but are there any juicy targets nearby? 🤔💦
The heatmap from the past two weeks? Not a lot of juicy targets in sight. $143 and $161 might be where it’s at for the short term. Above $140, it’s a sparse landscape, so SOL might have a tough time pushing towards $160. But hey, if it can bounce above $150 and Open Interest perks up? Game on. 🏆🚀
Zooping in, it looks like $143 is about to get a visit real soon. And beyond that? The $160-$176 range is calling, but it might not happen overnight. 🌃🕒
After soaking up the liquidity at $143, SOL might take a tumble towards $125-$130 before it thinks about recovery. And is $120 the magic number to stop the bears? Your guess is as good as mine. Traders, keep your wits about you and don’t go all in – volatility’s on the rise. 🎢🌬️
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2025-02-26 09:14