- The solana price has dropped by about 7% over the last 24 hours.
- Metrics indicate mixed reactions.
Solana [SOL] has seen a big price drop of 7% in the last 24 hours. It was initially consolidating within a bullish pennant pattern.
However, over the last 38 hours, Solana has broken out of this pattern, resulting in the current decline.
As of this writing, CoinMarketCap priced Solana at $125.18, a 7% decrease in the last 24 hours and a 13.54% dip in the last seven days.
Solana’s market capitalization dropped by 6.65% to 57.9 billion, while trading volume surged massively by 181.15% in the last 24 hours.
SOL was testing a major support level of around $125. This support level is critical since it has been rejected several times in the past.
If Solana fails to hold this support level, the price could dip further.On the other hand, a potential price reversal to the bullish pennant support may occur if the support level is respected.
Source: Tradingview
Whale activity and development insights
AMBCrypto’s analysis of Santiment’s whale and development activities data indicated significant trends.
The percentage of Solana’s total supply held by whales has remained relatively stable. This suggests that big players are observing the market direction before taking significant positions.
However, social volumes and development activities have indicated some volatility. These fluctuations correlate with long-term price movements, making them a key indicator for investors to watch in the near future.
Source: Santiment
Liquidation pressure mounts
According to Binance liquidation heat-map data from Coinglass, there is increasing pressure on leveraged positions. As the Solana price continues to dip, the likelihood of consecutive liquidations increases.
This could potentially fuel the current decline.
Source: Coinglass
Read Solana’s [SOL] Price Prediction 2024-2025
What next for Solana?
The future of Solana depends on its ability to hold to its support level. If SOL breaks below the support level, further declines are likely, potentially testing the lower support levels.
Conversely, a successful defense from the support level could steer bullish momentum for a reversal.
