As Bitcoin (BTC) fell listedbelow the $62,000 level, the total cryptocurrency market skilled considerable selling pressure. This bearish belief triggered a significant obstacle for Solana (SOL) as it broke its 2 days of debtconsolidation near the vital level of $160.
Solana (SOL) Price Action and Technical Analysis
The breakdown from debtconsolidation has moved the belief for SOL to bearish. Additionally, the SOL’s everyday chart looks the type a bearish double-top cost action pattern, which is yet to be validated.
Based on the historic cost momentum, the last time SOL reached to $160 level it skilled enormous selling pressure and fell to the $140 level. However, this time there is a high possibility that SOL might fall onceagain to the $140 level.
Currently, SOL’s open interest likewise supports this bearishness as it has dropped by 7% in the last 24 hours, showing lowered interest from financiers, according to CoinGlass information.
Whereas, the technical indication called 200 Exponential Moving Average (EMA) signaling SOL is still in an uptrend as it is moving above it.
SOL Whale on Buying Spree
However, financiers still appearance at buildingup tokens in this variety. Recently, an on-chain analytic company lookonchain made a post on X (Previously Twitter) mentioning that Whale hasactually acquired a considerable 28,717 SOL worth $4.56 million in this debtconsolidation zone from Binance.
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