Price Analysis

How is Solana (SOL) Price Grappling with Bearish Crypto Market? Right Time to Buy the Dip?

The crypto market cap is down by $150 billion, total liquidations are more than $800 million in 24 hours, as bitcoin dropped below $45,000. Major altcoins like Ethereum, Cardano, Ripple, Solana and more are plunging double-digits.

The most trending altcoin Solana is the most affected crypto-asset among the top 10’s with an 11 % loss.

Solana Price Plunge Heavily!

Since the beginning of September, Solana has been attracting more investors and entering the top 10 cryptocurrencies by market capitalization. So far this year, crypto has accumulated a rise of 8,600%. Solana has been highly volatile in the last couple of weeks.

Initially, this Ethereum rival exploded to a new all-time high of around $215. With the sudden market crash, Solana price resulted in massive losses testing $140. 

At press time SOL price is trading at $141.13. The immediate support lies at the $140 Level. If the altcoin fails to maintain above this level the price may drop to $128.

Right now, the technicals, Moving Average Convergence Divergence are hinting towards the downtrend. Therefore, another four-hour close below the 38.2% Fibo would trigger more sell orders and perhaps push Solana to the 200 SMA near $120.

on the flip side, When market sentiment would roll over, if Bulls kicks the price action, SOL price might break the 23.6% Fibonacci level at $174. If the buying spree continues at that level SOL bulls gear for a rerun towards $221 within a few weeks.

Also, Read Bloodbath in Crypto Market: Here’s the Next Target Level for Bitcoin (BTC), Ethereum (ETH), And Cardano (ADA)

$26 million liquidation

As per Bybt, nearly $31.22million worth of SOL trades were liquidated in the last 24 hours, out of which nearly$10 million is via ‘shorts’. Binance exchange saw the biggest number of Solana short liquidations, followed by FTX. 

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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