- SOL’s recent uptrend led to increased liquidation activity as traders closed short positions.
- Market data indicates strong support for Solana near key levels, driving bullish momentum.
- Analysts predict Solana’s performance could surpass Ethereum, fueled by projected growth.
In recent days, Solana’s price experienced a sharp recovery, reaching $152. This surge indicates a robust uptrend, with short positions being liquidated as the price continued to rise. The heatmap data highlights significant liquidation activity, suggesting that many traders were betting against Solana at this level. As the price climbed, these positions were forced to close, pushing the price higher. This has fueled speculation of a potential breakout if the uptrend persists.
Currently, Solana is nearing a resistance level at $153, where concentrated liquidation activity suggests strong market reactions. This level may serve as a short-term barrier, as traders with leveraged positions could face further liquidations. A break above $153 would likely lead to additional price increases, but failure to maintain this level might result in a pullback or consolidation. The market remains closely attuned to how Solana performs at this critical price point.
Solana Price Drops Amid Centralization and Market ConcernsSupport Established Near $145
A strong support level has been established near $145, where Solana’s price has found stability multiple times. The presence of high liquidity around this level indicates solid market interest, with buyers stepping in to prevent further declines. As long as Solana stays above this support, the bullish outlook remains intact. If a pullback occurred from the current resistance, the $145 zone could once again act as a foundation for future price rebounds.
After a slight decline, Solana (SOL) ‘s price has increased by 3.19% at press time to $151.18, with a 24-hour trading volume of $2.2 billion. Over the past week, the price has increased by 1.11%, signaling strong upward momentum.
In these market shifts, Standard Chartered has anticipated that Solana could beat Ethereum (ETH), at least in the next couple of years. The bank forecasted at least a five times rise in Solana in case of a Trump victory in the 2024 U.S. presidential election. Further, they forecasted that Ethereum would surge past Bitcoin in this period. When benchmarking Solana to Ethereum, Standard Chartered derived that Solana is overvalued based on the market cap-to-fees ratio. Depending on the political situation, they expect a 100-400 times increase in the throughput of Solana.
