Bitcoin

Solana

On August 3, 2024, Solana (SOL), the fifth-largest cryptocurrency, saw a significant drop of over 8% in just 24 hours. This decline caused it to break through the important support level of $157.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b4d60f52b9254ce0b5ede77bfae30602.png" />During this time, traders and investors liquidated $16.22 million in both long and short positions. <a href="https://cryptosheadlines.com/solana-might-be-set-for-a-price-surge/" rel="noopener noreferrer nofollow">Solana might</a> now fall to $125, with major liquidation levels set at $146 on the lower side and $162 on the upper side.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d95ffb4f6c044d6581a8a51f2d8c1d8a.png" /><h3 id="solana-sol-turns-bearish-heading-towards-125-amid-market-decline">Solana (SOL) Turns Bearish: Heading Towards $125 Amid Market Decline</h3>Solana (SOL) has turned bearish following a breakdown of its crucial support level at $157, now heading towards the $125 mark. This price drop has been influenced by the negative movements in major assets like Bitcoin (BTC) and Ethereum (ETH).Currently trading near $150, SOL has experienced a significant decline of over 8% in the past 24 hours. During this period, SOL’s open interest (OI) has also dropped by more than 8%, according to data from CoinGlass. This decline in OI reflects increased fear and diminished interest among investors and traders.In addition, traders and investors have liquidated more than $22.44 million in long and short positions. The majority of this liquidation, totaling $16.22 million, has come from long positions, while $6.22 million of <a href="https://cryptosheadlines.com/bitcoins-price-spike-could-lead-to-1-billion-in-short-liquidations/" rel="noopener noreferrer nofollow">short positions were liquidated</a>. The bearish market sentiment continues to drive these changes.<h3 id="solana-sol-liquidation-levels-and-bearish-outlook">Solana (SOL) Liquidation Levels and Bearish Outlook</h3>Despite the significant liquidation of positions over the past 24 hours, the upcoming liquidation levels for Solana (SOL) are currently set at $146 on the lower side and $162 on the higher side. If the market sentiment remains the same and SOL falls to $146, nearly $40 million in long positions will be liquidated. On the other hand, if SOL rises to $162, around $147 million in short positions will be liquidated.<a href="https://cryptosheadlines.com/is-quant-the-next-crypto-to-explode-in-the-best-crypto-coin-presale/" rel="noopener noreferrer nofollow">Also Read: Is Quant the Next Crypto to Explode in the Best Crypto Coin Presale?</a>Technical analysis indicates a bearish outlook for SOL. The asset has broken below crucial support levels and the 200 Exponential Moving Average (EMA) on the 4-hour chart, which <a href="https://cryptosheadlines.com/eu-regulator-signals-potential-veto-on-large-stablecoins-in-mica-approval-process/" rel="noopener noreferrer nofollow">signals potential</a> further decline. Historical data and current <a href="https://cryptosheadlines.com/todays-crypto-price-trends-pepe-coin-and-rune-drop-sui-rises/" rel="noopener noreferrer nofollow">price trends suggest that SOL could drop</a> to $143 and $125 in the coming days, with these levels expected to act as support.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d95ffb4f6c044d6581a8a51f2d8c1d8a.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/35c696c99a564907a5bc2b1b7cdc15bb.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Solana (SOL) Breaks Key Level; Now Watching for $125

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