Solana (SOL) plummeted to its lowest in two months, with the broader cryptocurrency market downturn led by Bitcoin's decline contributing significantly. Despite a slight recovery of 2%, over $21 million in long liquidations occurred within 24 hours.
The bearish trend continues to threaten SOL's futures market, with long positions still at risk. The price dipped to $168.88 amid Bitcoin's support break, leading to increased liquidation pressure in derivatives markets, totaling $25.48 million in liquidations.
As market activity slows, traders are closing positions, reflecting in a 3.47% drop in open interest—a potential indication of diminishing value. Predicted resistance levels at $188.96 may challenge SOL's recovery trajectory, while breaking this could aim for $218.90.
Sumber: beincrypto.com ↗