Will Solanas Support at $153.95 Hold or Fall This Week
Contributor
- Solana tested the key support at $153.95 after a sharp 6% decline.
- Metrics suggest a possible bullish reversall.
Solana [SOL] faced a pivotal moment as it tested the $153.95 support level. Market participants are closely watching to see if this support holds after a 6% decline or if bearish pressure will push Solana prices lower.
Source: Tradingview
Stochastic RSI is approaching a neutral zone from the overbought territory. This adds even more weight to Solana’s current accumulating bullish momentum. This gives the green light for further price increases
Solana liquidations suggest further downside
A huge Solana liquidations pool worth $5.96 million just below the $153.95 support, specifically around the $150 price level, increases the probability of breaking the $153.95 support.
The huge pool may tend to cause additional forced selling by aiming to trigger some stops and thus push Solana prices further lower.
There are also notable liquidation pools above the 153.95 level that may provide support and even cause bullish momentum if SOL bulls gain control..
Solana bulls fight back
The short-to-long ratio data analyzed by AskFX shows that despite the bearish bias, there is some resilience in the ratio.
Although it has dipped slightly in the short term, recent fluctuations suggest that bulls are slowly gaining strength.
If buyers maintain their momentum, a bullish reversal could be imminent.
This tug-of-war between Solana bears and bulls could lead to a consolidation phase before a decisive move in one direction or another..
Source: Coinglass
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. If this level is broken, we might see price drop around $150 with strong support; however, if bulls can hold their position here, it could lead to slight rally and even retest higher resistance zones.
The role of liquidation pools and long/short ratio will be crucial in deciding Solanas next direction.
