Solana (SOL) Falls Amid Strong Selling Pressure
Solana (SOL) is trading at $126 with heavy selling pressure. It dropped 5% on Monday, marking five days of losses in a row. The fast blockchain is seeing less interest as investors pull out their funds. Bears are paying more to maintain short positions. This shows bearish momentum is still strong and the price may fall further.
Investors Lose Confidence in Solana and Crypto Market
Solana is losing appeal during a broader cryptocurrency market downturn. Bitcoin (BTC) fell below $87,000, causing over $600 million in liquidations in 24 hours. According to CoinGlass, SOL futures Open Interest (OI) dropped 6.17% to $7 billion. This drop shows investors are less willing to take risks, increasing market fear.
- The funding rate turned negative at -0.0055% on Monday, showing bears’ confidence.
- Long liquidations hit $31.88 million, much higher than short liquidations at $2.99 million.
This data confirms strong bearish control wiping out bullish bets.
Solana Faces Key Support Test as Selling Pressure Grows
Solana is close to forming a bearish Marubozu candlestick with Monday’s 5% loss. The recent declines have erased past gains and pushed the price back to a key support level at $126, also the low from June 22.
If SOL closes below $126, prices could drop to $112, the March 11 low. Below that, $95, from April 7, may be next.
The Relative Strength Index (RSI) stands at 33, just above the oversold line of 30. If it falls further, more selling may come. Meanwhile, the MACD remains slightly bullish but could turn bearish soon if it crosses below its signal line.
If Solana rebounds, the $150 level is the likely target.
