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- Two market analysts have forecasted a downturn for Solana’s price action
- AMBCrypto is predicting a near-term descent to $120 or possibly lower for SOL’s price
Crossroads for SOL, potential decline anticipated
According to Carl Runefelt, a prominent market analyst, SOL is at a vital juncture right now and could either rise or fall in the coming days. As per his analysis, Solana is now trading within a descending triangle, a pattern that could have bullish or bearish outcomes depending on its formation.
Source: Trading View
Source: Trading View
“[SOL will reach a] new all-time highs.”Kaleo had previously projected $120 as a critical support zone to push SOL to new highs. However, his focus shifted to the $80-level as market conditions evolved. AMBCrypto also observed a trend on Coinglass where long traders, who expected a price hike for SOL, faced losses. In fact, $8.99 million was lost in the last 24 hours as the market moved against their positions. Additionally, according to Hyblock, the cumulative liquidation level delta turned negative with a reading of -15. This indicated that short sellers have started to dominate the market. Further analysis revealed a significant liquidity cluster at and below the $120-level, suggesting that the price will trade lower into these liquidity areas. This can potentially clear existing liquidity clusters before acting as a pivot point for price reversals upwards.
Source: Hyblock
Traders are invested in SOL’s fall
The Open Interest (OI), a metric which measures the total active contracts in a market to gauge liquidity and market sentiment, indicated a bearish outlook for SOL. At the time of writing, the Open Interest had fallen by 4.97% to $1.94 billion in just 24 hours. This decline suggested that traders anticipated a drop in SOL’s price, with the altcoin trading at $127.49. If this bearish sentiment persists, SOL’s price might likely fall further from the aforementioned level.#Solana #traders #expect #SOL #fall #heres #whats
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