Solana Price Faces Bearish Breakdown with Target of $155

Liquidations in the crypto market have surged to $528 million, resulting in a significant drop across all coins. Solana (SOL) has decreased by approximately 10% in the last 24 hours, currently trading at $176.

Price Analysis

Solana's price trend shows a bearish breakdown from a support trend line.
The daily chart indicates a bearish engulfing candle with a 6.35% drop.
Current support zone at $175 is critical; failure to hold may lead to a fall to $155.
Daily RSI suggests potential bullish divergence at the $175 support zone.
Sustaining a daily close above this level could target a retest of $200.

Derivatives and Market Sentiment

Open interest for Solana derivatives has fallen below $6 billion, now at $5.90 billion (down 6.07%).
The long-to-short ratio is at 0.8854, indicating a strong bearish sentiment.
Liquidations specific to Solana reached $16.69 million, with bulls suffering $14.89 million in losses.
The funding rate has dropped to 0.044%, showing potential for negative territory.

Analyst Predictions

Analyst Ali Martinez predicts a further decline for Solana, pointing to a symmetrical triangle pattern breakdown. Should Solana continue below $183, a potential drop to $155 is anticipated, marking a possible 40% downturn from current levels.