Solana Approaches Critical Support at $157 Amid $1.77 Billion Unlock
Crypto analyst Koroush Khaneghah highlights Solana's downtrend, marking critical support and resistance levels on the SOL/USDT Perpetual daily chart. Currently, Solana is near $157, identified as the "last major support level." A failure to maintain this level could lead to a decline towards $127.05.
The Bearish Argument For Solana
- Solana has been rejected at the $180.58 resistance level.
- Current sentiment is low; continuation of the downtrend is expected.
- Sellers are in control amid negative market sentiment.
Koroush notes that reclaiming $180.58 would shift the market bias to neutral.
The Bullish Argument For SOL
RunnerXBT provides an order flow analysis on Solana futures, indicating significant liquidations ahead of the March 1 token unlock of 11.2 million SOL, valued at approximately $1.77 billion. The chart shows:
- Price peaked at $295 in mid-January before declining to the mid-$150 range.
- Open interest dropped significantly from early to late January, driven by long positions closing.
- Short selling and profit-taking have contributed to downward pressure.
RunnerXBT advises against shorting SOL at current levels, suggesting a potential long position after the unlock due to anticipated volatility.
As of now, SOL is trading at $158.
