Solana (SOL) Faces Potential Further Decline Amid Binance Sell-Off and Long Liquidations
Main Idea
Solana (SOL) is facing a significant price decline due to a large sell-off by Binance, triggering long liquidations and testing critical support levels around $160.
Key Points
1. Solana (SOL) dropped 15% this week as Binance offloaded 110,000 SOL, causing extensive long liquidations.
2. The sell-off has pushed SOL's price toward a crucial support zone around $160, near a realized price cluster of $140-$150.
3. Binance's sell-off reduced market leverage, with $46 million in long liquidations recorded on August 1st alone.
4. The $140-$150 zone is seen as a potential reaccumulation area if the downtrend continues.
5. Market participants may strategically reaccumulate SOL at lower price points as the sell-off flushes out excessive leverage.
Description
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