- Solana traders and investors have lost over $65 million in the last 24 hours.
- Expert says that Solana (SOL) is not falling naturally but is being pushed down by whales.
The overall cryptocurrency market has crashed by 16% in the last 24 hours due to geopolitical tension and Japan’s recent interest rate update.
Amid this, Solana [SOL], the world’s fifth-biggest cryptocurrency by market capitalization has experienced a critical breakdown of its support level at $121. This breakdown occurred as SOL saw a notable price drop of over 20% in the last 24 hours.
Solana’s major breakdown
Following this massive price drop and breakdown, SOL was trading near $113 at press time. Meanwhile, its trading volume has surged by over 245% in the last 24 hours.
This surge in the trading volume suggests higher participation from investors and traders.
Amid the massive decline in SOL price, a former Coinbase angel investor made a post on X (previously Twitter) that Solana is not falling naturally but is being pushed down by whales.
He also noted that the whales pushing SOL down to make noobs sell off their holding and allow them to buy back at a lower level.
Additionally, he added,
“They are stealing your bags and will make you buy back at a higher price.”
In the last 24 hours, Solana investors and traders have liquidated nearly $65 million of short and long positions. Of this, $47.16 million was liquidated from long positions, while $18.28 million was liquidated from short positions.
Solana price prediction and upcoming level
According to expert technical analysis, SOL looks extremely bearish and was trading below the 200 Exponential Moving Average (EMA) on a daily time frame.
Apart from this, it has also experienced a major breakdown of crucial support levels. However, the daily candle closing will be important for SOl to determine whether it will continue to fall or we may see a reversal.
If SOL closes a daily candle below the $122 level, there is a high possibility it could fall another 30% and reach the $77 level in the coming days.
Meanwhile, if SOL closes a candle above $122, there is a high chance of a potential price reversal to $155 in the coming days.
Source: Trading view
Despite the Solana price prediction, the technical indicator Relative Strength Index (RSI) is in the oversold area, potentially signaling a price reversal.
However, the SOL’s open interest dropped by 26%, which signals lower interest from investors in this market crash.
Realistic or not, here’s SOL’s market cap in BTC’s terms
SOL’s upcoming liquidation level
As of now, the two major liquidation levels are at $100 on the lower side and $130 on the upper side, according to an on-chain analytic firm CoinGlass.
Source: CoinGlass
If the market continues to fall and reaches the $100 level, $40.5 million of long positions will be liquidated. Conversely, if sentiment changes and SOL rises to the $130 level, nearly $140 million of short positions will be liquidated.
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