Popular altcoin Solana (SOL) appears to be above a critical support level after falling 38% in the past eight days.

  • The price action of popular altcoin Solana has created more than $250M in liquidations since the peak and has lost $27M in the last 24 hours.
  • The LEFT now sits above a key support level that will determine where it goes next.
  • According to analyst Ali Martinez, if buy orders pile up, SOL could retest previous all-time highs. According to Ali Martinez, however, an increase in downside pressure could drop the altcoin to $96.

Many investors struggled to correctly time Solana’s price action last week, resulting in losses of $250 million.

Popular altcoin Solana liquidates bulls and bears!

A Solana downfall led to a massive $250 million liquidation. The high-yield blockchain’s SOL token has had an impressive 877% bull run since July 20. The “Ethereum killer” has risen from $22.10 to an all-time high of $216, making it the new largest cryptocurrency. After the $216 peak on September 9, traders are having a hard time predicting the price action of SOL.

Source: Bybt

Since the summit, more than $250 million long and short positions have been liquidated, with a loss of more than $27 million in the last 24 hours. One of the main reasons for such an erratic price movement was the problem of “intermittent instability” that the Solana network experienced on September 14. A denial-of-service attack disabled Blockchain for about 18 hours, creating panic among token holders. Sales slid the price by 17% to $142.60 in just a few hours.

Analyst: Watch carefully, SOL can see these levels!

While the price of popular altcoin Solana has been fluctuating since the outage, it has yet to reach a vital support level. 38% on the daily chart. The 2 Fibonacci retracement level and the middle Bollinger band seem to act as a strong foothold for the SOL. If this demand can hold the wall, SOL is 23% at $170. It could return to the 6 Fibonacci retracement level or even the all-time high to $216.

Source: TragView

Still, traders should pay attention to the $142 support level in the next few days. Breaking this level is based on the 50-day average and 61%, according to the analyst. It could lead to a steeper correction towards the 8 Fibonacci retracement level at $96.

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Michael Lewis


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