The cryptocurrency market traded with a strong bearish momentum over the last 24 hours. Bitcoin is down by 12 percent, With Major Altcoins like ETH, ADA, XRP MATIC Losing value in double digits.
Meanwhile, Solana (SOL) which has remained the best performing altcoin for the most part of the week fell down by 10% to the $162 mark.
Solana Price Eyeing For a Massive Rebound!
Since the beginning of September, Solana has been attracting more investors and entering the top 10 cryptocurrencies by market capitalization. So far this year, crypto has accumulated a rise of 8,600%.
With the sudden market crash, Solana price dropped roughly 16% lower but recovered quickly from the losses, closing the day green.
At press time SOL price is trading at $162.57. The immediate support lies at the $140 Level. If the altcoin fails to maintain above this level the price may drop to $128.
If the Buying Spree continues, the altcoin will likely surge and retest the ATH at $195.42. On the other hand, if the investors begin to book profit and selling pressure increases, SOL Price could drop nearly 20% hitting $140.
However, a price correction may occur in the very short term as the RSI hovers in the overbought territory.
Overall, Solana is currently consolidating gains. The Market Sentiment remains bullish with signs of overextension.
76% of SOL ‘shorts’ were liquidated
As per Bybt, nearly $58 million worth of SOL trades were liquidated on September 7th, out of which $44 million that is around 76% is via ‘shorts’. Binance exchange saw the biggest number of Solana short liquidations at $13 million, followed by Bybit at $11 million and FTX at $9 million.