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<p>The post <a href="https://coinpedia.org/price-analysis/alert-solana-sol-breaches-crucial-level-eyes-on-125/">Alert! Solana (SOL) breaches crucial level, Eyes on $125</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Today, on August 3, 2024, <a href="https://coinpedia.org/top-10/top-10-solana-based-to-buy-with-solana-etf-rumor/" target="_blank" rel="noreferrer noopener">Solana (SOL)</a> the world’s fifth-biggest cryptocurrency experienced a significant price drop of over 8% in the last 24 hours. This decline has caused a major breakdown of the crucial support level of $157.</p> 
<h2 class="wp-block-heading" id="h-why-solana-sol-is-falling"><strong>Why Solana (SOL) is falling?</strong></h2> 
<p>With this breakdown, SOL turns bearish and now heading towards the $125 level. The potential reasons behind this price drop include the breakdown of crucial support level and the negative influence of major assets such as Bitcoin (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) and Ethereum (<a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>).</p> 
<h3 class="wp-block-heading" id="h-sol-price-performance-analysis"><strong>SOL price-performance analysis</strong></h3> 
<p>At press time, SOL is trading near $150 and has experienced over 8% downside momentum in the last 24 hours. Meanwhile, <a href="https://www.coinglass.com/currencies/SOL" target="_blank" rel="noreferrer noopener nofollow">SOL’s open interest</a> (OI) has also seen a notable decline of over 8% during the same period, according to the data from an on-chain analytic firm CoinGlass. This decline in OI indicates fear and reduced interest among investors and traders.</p> 
<p>Additionally, during this price drop traders and investors have liquidated a significant over $22.44 million of long and short positions. However, due to the bearish market sentiment, the majority of liquidation comes from long positions, with $16.22 million of longs being liquidated. Whereas, only $6.22 million of short positions were liquidated in the last 24 hours.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-solana-crucial-levels"><strong>Solana crucial levels</strong></h2> 
<p>Despite this massive liquidation in the last 24 hours, at the time of writing the upcoming liquidation levels are at $146 level on the lower side and $162 on the higher side.&nbsp;</p> 
<p>If market sentiment remains unchanged and SOL drops to the $146 level, nearly $40 million in a long position will be liquidated. Conversely, if market sentiment shifts and SOL reaches the $162 level, nearly $147 million in short positions will be liquidated.</p> 
<h3 class="wp-block-heading" id="h-technical-analysis-and-upcoming-levels"><strong>Technical analysis and upcoming levels</strong></h3> 
<p>According to expert technical analysis, SOL looks bearish as it gives a breakdown of crucial support and 200 Exponential Moving Average (EMA) in a 4-hour time frame. The assets below 200 EMA in this time frame signal potential bearishness.&nbsp;</p> 
<p>Based on the historical data and price momentum, there is a high chance that SOL could reach $143 and $125 levels in the coming days. These levels are expected to act as support for SOL.</p> 
<p>Read Also: <a href="https://coinpedia.org/price-analysis/top-5-altcoins-that-may-remain-unimpacted-if-bitcoin-price-maintains-a-bearish-trend/" target="_blank" rel="noreferrer noopener">Top 5 Altcoins That May Remain UnImpacted If Bitcoin Price Maintains a Bearish Trend</a></p>

Alert! Solana (SOL) breaches crucial level, Eyes on $125

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