bullish

Solana

<ul> 
 <li aria-level="1">Stochastic RSI nears neutral zone, suggesting accumulation of bullish momentum, potentially initiating further price rallies.</li> 
 <li aria-level="1">Liquidation data reveals potential downside risk with $5.96 million in pools near $150, increasing sell-off likelihood.</li> 
</ul> 
Solana is currently at a critical juncture, hovering around the support level of $155.95. The experienced a 6% decline, positioning it at a pivotal support that traders and investors are keenly monitoring. 
<div class="cryptoboxes" id="mcw-12347" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="SOL" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
This level’s resilience or breakdown will significantly influence Solana’s market trajectory in the short term. 
<figure id="attachment_86250" aria-describedby="caption-attachment-86250" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-86250" src="https://www.ethnews.com/wp-content/uploads/2024/08/SOLUSD_2024-08-10_16-51-01_35099-e1723373501118.png" alt="SOLUSD_2024-08-10_16-51-01_35099" width="1515" height="772">
 <figcaption id="caption-attachment-86250" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The stochastic RSI, a momentum oscillator, is retreating towards a neutral zone from previously overbought conditions, suggesting that Solana might be gathering strength for a potential price rally. This indicator often helps traders identify potential reversal points in the market, aligning with a cautiously <a href="https://www.ethnews.com/solana-plummets-10-centralization-concerns-dapp-decline-and-technical-hurdles-drive-price-down/">optimistic view</a> for Solana. 
<h2 id="b-potential-downside-risks-b">Potential Downside Risks</h2> 
Data from Coinglass reveals a substantial pool of liquidation at just under the $153.95 mark, around the $150 level, indicating a heightened risk of further price drops. Such liquidation pools can lead to forced selling as they may trigger stop-loss orders, potentially driving the price downward if the support fails. 
<figure id="attachment_86254" aria-describedby="caption-attachment-86254" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-86254 size-full" title="Binance-SOL_USDT-Liquidation-Heatmap24-hour-" src="https://www.ethnews.com/wp-content/uploads/2024/08/Binance-SOL_USDT-Liquidation-Heatmap24-hour-.png" alt="Binance-SOL_USDT-Liquidation-Heatmap24-hour-" width="2048" height="1209">
 <figcaption id="caption-attachment-86254" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
Despite the bearish pressure, there are signs of burgeoning bullish momentum. <a href="https://www.ethnews.com/solanas-rsi-hints-at-major-breakout-heres-why-you-shouldnt-miss-out/">Analysis from ETHNews</a> shows a slight shift in the short-to-long ratio, hinting at increasing strength among buyers. A sustained build-up in buying pressure could counteract bearish trends and lead to a bullish reversal. 
<figure id="attachment_86258" aria-describedby="caption-attachment-86258" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-86258 size-full" title="long_short-ratio-Sol-10" src="https://www.ethnews.com/wp-content/uploads/2024/08/long_short-ratio-Sol-10.jpg" alt="long_short-ratio-Sol-10" width="1239" height="326">
 <figcaption id="caption-attachment-86258" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
The <a href="https://www.ethnews.com/is-solana-to-blame-for-ethereums-massive-price-drop/">ongoing battle</a> between bearish and bullish forces could result in a period of price consolidation before a more definitive market move occurs. Should the $153.95 support level give way, Solana might seek stability at the next significant support near $150. 
Conversely, if bulls manage to uphold the current support level, it could catalyze a modest rally, potentially retesting higher resistance levels. 
The post <a href="https://www.ethnews.com/experts-predict-massive-moves-for-solana-find-out-if-160-is-next/">Experts Predict Massive Moves for Solana – Find Out If $160 is Next!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Experts Predict Massive Moves for Solana – Find Out If $160 is Next!

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