Solana (SOL) Dips Nearly 10% Amid Long Liquidations, Bullish Trend May Persist With Support at $180
Main Idea
Solana (SOL) experienced a 9.5% price drop due to long liquidations, but technical indicators like the $180 support level and a golden cross suggest potential bullish momentum.
Key Points
1. Solana's price dropped 9.5% from $205 to $186, driven by $30M in long liquidations.
2. The $180 price level is a key support zone, reinforced by a bullish order block (BOS) and a golden cross (50-day EMA crossing above the 200-day EMA).
3. A golden cross historically preceded a 730% price surge for SOL in 2023, suggesting potential for renewed bullish momentum if $180 holds.
4. Failure to maintain $180 support could lead to a deeper retracement toward the $168–$157 range, aligning with Fibonacci retracement levels.
5. The price correction is seen as a natural market adjustment after a strong rally, with traders advised to monitor key levels for risk management.
Description
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