Solana faces bearish trend, tests key support levels
- Solana (SOL) is in a downward cycle and recently tested a strong resistance level at $160.09.
- The price decline could continue until SOL reaches the support level at $128.18.
- Historical patterns suggest that a strong price increase could follow after such an accumulation phase.
- Market data shows a decline in interest in SOL, leading to a drop in open positions and liquidations.
Solana’s Current Downtrend
Solana (SOL) has shown weak price performance in recent weeks. The price fell by 5.29% and is now approaching a critical support level at $128.18. This follows a drop from a resistance point at $160.09, which is part of a consolidation pattern. The decline could continue until SOL reaches this support level and possibly stabilizes there.
Technical Indicators Confirm the Downtrend
The Parabolic SAR (Stop and Reverse) indicator suggests that the downtrend is likely to continue. The indicator remains above the current price, indicating a continuation of the sell-off. Should SOL reach the support level at $128.18, this could be a turning point where the market reorients itself.
Historical Patterns Point to Possible Rally
Interestingly, SOL’s current behavior shows parallels to previous price movements, particularly those in 2021. Back then, a similar consolidation phase was followed by a strong price increase. This phase could be considered an accumulation phase, where investors increase their positions to benefit from a later price surge.
If this pattern repeats, SOL could experience a price increase of up to 182% in the coming weeks or months, potentially reaching a high of $361.88.
Decline in Market Interest Weighs on Price
Another factor influencing SOL’s current price decline is the drop in market interest. Data from Coinglass shows that open interest has decreased by 8.24% and now stands at $2.19 billion. Open interest measures the number of outstanding derivative contracts and is an important indicator of market confidence.
Additionally, liquidations totaling $10.88 million have been recorded in recent days. These liquidations affect traders who had bet on a price increase but were forced to close their positions.
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Our Assessment
The current market situation for Solana remains tense. The price decline could continue until the support level at $128.18 is reached. However, if historical price trends repeat, this could present an opportunity for a strong rally. Investors should closely monitor market developments and pay attention to technical indicators such as the Parabolic SAR. The decline in open interest and liquidations, however, suggests that the bears currently have the upper hand.
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