- Sol could fall by 37% to achieve the next support at $ 77 if it does not hold the $ 118 level.
- Traders have built up for $ 127 million in short bets, in the hope that the price will not exceed $ 128.
Solana [SOL] Seems to be weakened in the midst of market uncertainty. In January 2025, it has already lost more than 56% of its value of his peak and is now ready for a considerable price decrease as a result of the Bearish market sentiment.
In the midst of the current market sinking, SOL has registered a price drop of 2% in the last 24 hours and acted at the time of writing near $ 123.50.
Solana -Price analysis and important levels
After the recent price decrease, Solana has reached a critical level that can determine the next step.
According to the technical analysis of experts, SOL broke from a Bearish-and-Pole price pattern and successfully tested the Breakdown level.
During this retest, SOL also formed a bearish main and shoulder pattern with a neckline at $ 118-a crucial level that has kept meaning for a longer period.
Source: TradingView
Given the recent price promotion and the prevailing Bearish sentiment, Solana is confronted with critical levels Vooruit.
If SOL continues its decline and closes a daily candle below the level of $ 118, it can fall considerably – by 37% – to test the following support at $ 77.
The level of $ 112 has historically seen as a strong support, which often leads to price outlets. Given the heavily bearish sentiment, this reversal can be less likely.
On the other hand, if Sol maintains its position above the level of $ 118, there is potential for a rebound, with history that suggests that a recovery could follow.
At the time of the press, Sol traded under the 200 exponential advancing average (EMA) on the daily map, which reflects a bearish trend and constantly weak price action.
$ 127 million from Beerarish bet
Looking at the market sentiment, traders seem to follow the trend and betting them strongly on the bearish side, as reported by the on-chain analysis company Coinglass.
Source: Coinglass
Data showed that traders were used too much at $ 123 at the bottom and $ 128.3 at the top, with $ 45.60 million and $ 127 million in long and short positions respectively.
This important gamble on the short side defines the Bearish -by -views of traders, because they are more than double the amount of long positions.
Whale’s recent activity
In the meantime, whales see this as an ideal opportunity and collect tokens.
According to Coinglass’s Spot entry/outflow statistics, trade fairs have witnessed an outflow of $ 9.15 million in Sol in the last 24 hours. This indicates potential accumulation, which Sol could help maintain this level.
Source: Coinglass
