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Solana: 386K SOL sold in 4 days – Traders, watch THESE levels next
In just four days, the Solana (SOL) market has witnessed an unprecedented exodus of over 386 thousand SOL tokens. This massive sell-off has led to a substantial decline in price, as traders are now advised to pay attention to specific levels that will determine the cryptocurrency’s future trajectory.
According to recent data from Coinalyze, it is evident that holders have been panicking and liquidating their positions amid the ongoing bearish sentiment. As prices began to fall, investors who were in profit opted to sell to minimize losses and lock in profits, resulting in a chain reaction within the market.
The metrics reveal that traders are now more cautious than ever before, with aggregated buy/sell volume data indicating an overwhelming imbalance in selling pressure over buying activity. Consequently, sentiment has turned bearish, as investors seek safer assets amid the uncertainty surrounding Solana’s price action.
It is crucial for traders to take heed of these levels next:
1. **$145-$147 zone**: Analysts at Glassnode have predicted that support lies within this range. A breach below this threshold would likely trigger a more pronounced decline towards $155-$157.
However, if the $145-$147 level holds strong, it could signify that investors holding SOL tokens are in control of their positions and may spark an upward movement towards the aforementioned resistance zone.
2. **$155-$157**: This area is expected to be stiff resistance due to a substantial accumulation zone. If Solana can breach this barrier successfully, there is a possibility for a turnaround.
3. **$166**: Another key level lies at $166, where 29 million SOL tokens are held by investors. It goes without saying that selling could intensify significantly if the cryptocurrency breaches or fails to break this zone.
It is imperative for traders to keep these levels in mind when navigating Solana’s price action in the coming days and weeks.
Source: ambcrypto.com
