- Solana was holding strong support at $124 at the time of writing.
- Trading volume increased by 36%, signaling increased participation from investors and traders.
Over the past 24 hours, the cryptocurrency market has seen noticeable selling pressure after Bitcoin, the world’s largest digital asset, fell. [BTC] It fell by more than 8%.
Other cryptocurrencies including Ethereum [ETH]Solana [SOL]Binance Coin [BNB] They also experienced significant 24-hour losses of over 10%, 7%, and 13% in the past 24 hours, respectively. CoinMarketCap.
At the time of writing, most cryptocurrencies were showing bearish trends amid continuing selling pressure, however, Solana had started to show a bullish pattern on the daily chart.
Solana: These are some important levels
According to analysis by AMBCrypto, SOL is at a strong support level of $124 at the time of writing, below the 200 EMA (Exponential Moving Average).
The daily chart of SOL showed the formation of two bullish price action patterns – a bullish double bottom pattern and a bullish divergence in the oversold area of the Relative Strength Index (RSI).
Source: TradingView
However, this is not the first time that SOL’s daily chart has displayed this pattern. A similar bullish pattern occurred at the same level near $124 in May 2024.
Therefore, there is a high probability that SOL will repeat the move it made in May 2024. If history repeats itself, we could see a significant price increase of over 22% in the coming days, potentially reaching $160 levels.
Despite this bullish outlook, 24-hour open interest (OI) fell 7%, according to Coinglass, signaling declining investor and trader interest in this challenging market.
Source: Coinglass
This drop in OI can be attributed to the liquidation of traders’ positions worth $25.5 million, with SOL being the third largest asset to experience this significant liquidation.
Meanwhile, Bitcoin and Ethereum saw the most liquidations.
Price performance analysis
At the time of writing, SOL is trading at around $126, a 7% price drop over the past 24 hours. Trading volume has increased significantly by 36%, suggesting participation from investors and traders.
Looking at SOL’s long-term performance, it has lost over 11% of its value over the past 7 days. Meanwhile, over the past 30 days, SOL has lost nearly 26% of its gains.
Besides SOL, there are other Solana-based altcoins such as Render. [RNDR]Bonk [BONK]and Pyth Network [PYTH] A similar drop in prices was also observed.
Is Your Portfolio Green? Check out the SOL Profit Calculator
According to CoinMarketCap, the prices of RDNR, BONK, and PYTH have fallen by 9%, 12%, and 13%, respectively, over the past 24 hours.
Meanwhile, the popular Solana-based meme coin dogwifhat [WIF]alongside The Graph [GRT] They experienced spikes of 12% and 2%, respectively, over the same period.
