On the 4-hour chart, Solana has been consolidating within a symmetrical triangle for a prolonged period.
A recent crypto market sell-off caused Solana to break out of the triangle, with the price now hovering around $180.
After the sell-off, Solana entered a consolidation phase, awaiting a clear directional move.
Today, the market broke out of the consolidation zone and shifted into a bearish trend.
The key support level is around $175; if breached, the next support levels are at $165 and $120.
However, if Solana closes above $184, there’s potential for a reversal similar to Bitcoin.
In the last 24 hours, the crypto market saw $9.77 million in liquidations, with $7.79 million from long positions and $1.98 million from shorts. This underscores strong bearish momentum, particularly impacting long traders betting on price increases.
Between January 12th and 13th, the percentage of Solana long traders dropped from 49.47% to 46.41%. This decline reflects a shift in sentiment, with fewer traders optimistic about Solana's price movement during this period.
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