Solana (SOL) is currently facing a bearish market, with its price encountering strong resistance in its attempt to reclaim an all-time high. This has enabled bears to push the price lower, currently hovering around $238.
The high liquidity area at the $225 support level is under threat, according to the liquidation heatmap. This reflects major potential liquidations, indicating a likelihood of price movement towards these levels due to low trading volume.
The Chaikin Money Flow (CMF) metric indicates declining buying pressure, suggesting further price drops. This aligns with growing selling pressure on Solana, reinforcing bearish sentiment in the market.
The Balance of Power (BoP) indicator has also fallen into the negative zone, pointing to bears maintaining control. Predictions suggest that SOL could drop below $225, with potential further declines to $222 and $200 in extreme situations.
If buying pressure increases, however, there is potential for a recovery up to $265. For now, market sentiment remains cautious on Solana’s near-term price movements.
