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Solana Dip Leads to $250 Million Loss on Liquidations
Solana appears to be holding above a critical support level after taking a 38% nosedive over the past eight days. The Key Theses Solana's price action has generated more than $250 million in liquidations since the peak, with $27 million lost in the last 24 hours. Now SOL sits above a crucial support level that will determine where it goes next. If buy orders pile up, it may retest previous all-time highs, but an increase in bearish pressure could see it fall to $96. Many investors have had...
Solana Dip Leads to $250 Million Loss on Liquidations
Solana appears to be holding above a critical support level after taking a 38% nosedive over the past eight days.
The central theses
- Die Preisaktion von Solana hat seit dem Höhepunkt mehr als 250 Millionen US-Dollar an Liquidationen generiert, wobei 27 Millionen US-Dollar in den letzten 24 Stunden verloren gingen.
- Jetzt sitzt SOL über einem entscheidenden Unterstützungsniveau, das bestimmt, wohin es als nächstes geht.
- Wenn sich Kauforders häufen, kann es sein, dass es frühere Allzeithochs erneut testet, aber ein Anstieg des Abwärtsdrucks könnte dazu führen, dass er auf 96 USD fällt.
Many investors struggled to time Solana's price movement correctly last week and suffered $250 million in losses.
Solana liquidates bulls and bears
A Solana dip has led to massive liquidations worth $250 million.
The high-throughput blockchain token has seen an impressive 877% bull run since July 20. The so-called “killer” had risen from a low of $22.10 to a new all-time high of $216, becoming the seventh-largest cryptocurrency by market cap.
After peaking at $216 on September 9, traders struggled to anticipate SOL’s price movement. Since the peak, more than $250 million worth of long and short positions have been liquidated across the board, with over $27 million of the losses occurring in the last 24 hours.
One of the main reasons for such erratic price action was the “temporary instability” issue that the Solana network experienced on September 14th. A denial of service attack lasted about 18 hours on the blockchain, causing panic among token holders. The selloff pushed prices down 17% to a low of $142.60 in a matter of hours.
Hold on to critical support
Although Solana's price has fluctuated since the outage, it only reached an important support level on Friday. The 38.2% Fibonacci retracement level and the middle Bollinger® band on the daily chart appear to be strong support for SOL.
If this demand wall can hold, SOL could rally towards the 23.6% Fibonacci retracement level at $170 or even the all-time high at $216.
Still, investors need to pay close attention to the $142 support level in the next few days. Cutting through this range could result in a steeper correction towards the 50-day moving average and the 61.8% Fibonacci retracement level at $96.
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