Solana Price Crash Deepens – Will SOL Drop to $138?
The ongoing encrypted blood bath has led to a compulsive liquidation of more than 2 billion US dollars, pushing Solana (SOL) to the edge. The valuation of large Altcoin completely diluted about 115 billion US dollars, with an average transaction volume of about 15 billion U.S. dollars. It dumped more than 7 % in the past 24 hours, so it increased by more than 30 % in the last hour.
When writing this article, Sol Price has been forced to liquidate more than $ 85 million in the past 24 hours. Most people involve long traders. The transaction price of Sol Price is about $ 196. Therefore, the price of SOL has decreased by about 33 % from the highest history (ATH) to about $ 293, which was set two weeks ago.
Solana price analysis
From the perspective of technical analysis, since November last year, Sol Price has formed a continuation model of bullish. Although there have been significant surrender in the past few weeks, SOL prices have rebounded with the 50 -week mobile average, which is consistent with the decline in the number of trends, which has previously been the main resistance level of the number trend.
According to an encrypted analyst Ali Martinez, Sol Price re -test the lower boundary of the macro -rising channel. As a result, Martiney emphasized that the price of Sol must rebound from the level of support of about 191 US dollars, so that the potential selling is ineffective, that is, $ 138 in the near future.
Big picture
Solana network has developed to a dynamic Web3 ecosystem led by Raydium Dex. As of writing this article, the total value lock (TVL) of the Solana network exceeded $ 9.4 billion, and the market value of Stablecoins exceeded $ 11.7 billion.
The Solana network is strongly supported by mainstream retailers and whale investors. These investors are led by fund managers who seek diversified cryptocurrency combinations. In addition, more than 3.88 million Sols have been placed to ensure the Solana network and obtain passive income.
