Solana seems to stay above a critical level of support after it has made a dive of 38 % in the past eight days.
The central theses
- The Solana price campaign has generated more than $ 250 million of liquidations since the highlight, with $ 27 million lost in the last 24 hours.
- Now Sol sits above a decisive level of support that determines where it goes next.
- If buying orders are piling up, it may be that it tests earlier all -time high again, but an increase in the downward pressure could lead to it to fall at 96 USD.
Many investors had difficulties in the past week to properly tame the price movement of Solana and suffered losses of $ 250 million.
Solana liquidated bulls and bears
A Solana Dip has led to massive liquidations worth $ 250 million.
The token of the high-throughput blockchain has experienced an impressive bull run of 877% since July 20. The so -called “killer” had risen from a low of USD 22.10 to a new all -time high of $ 216 and became the seventh largest cryptocurrency according to Markt Lid.
According to the highest level of $ 216 of September 9th, retailers had difficulty expecting the price movement of SOL. Since the climax, long and short positions worth more than $ 250 million have been liquidated on a broad front, with over $ 27 million of the losses in the last 24 hours.
Solana total liquidations
One of the main reasons for such an unpredictable price campaign was the problem of "temporary instability" that the Solana network had on September 14th. A denial of service attack lasted about 18 hours on the blockchain, which panic triggered the token owners. The sale pressed the prices by 17 % within a few hours to a low of $ 142.60.
Hold on critical support
Although the course of Solana fluctuated since the failure, he only reached an important level of support on Friday. The 38.2% Fibonacci retracement level and the middle Bollinger® band on the daily chart seem to be a strong support for Sol.
If it can hold it, Sol could recover in the direction of the 23.6% Fibonacci retracement level at $ 170 or even the all-time high at 216 USD.
Nevertheless, investors will have to pay close attention to the level of support of $ 142 in the next few days. Cut this interest rate area could lead to a steeper correction in the direction of the sliding 50-day average and the 61.8% Fibonacci retracement level at 96.
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