Solana Price Hits $160 Creating $3Billion Liquidity Concerns
The crypto market has had a boost for a few days now, which is helping with new gains in the market. This is somehow related to the assassination attempt on the Presidential Candidate Donald Trump and the Ethereum ETF trading approval, whose impact is also visible in the Solana price. Solana is the 5th biggest cryptocurrency and has just hit the $160 mark after a month with a 13% surge over the week.
It is a significant achievement as the Solana price struggled for some time, which worsened with the crypto market slump. However, interestingly, the discussion of the Solana ETF has brought the demand for the altcoin back to the market as the buying pressure is high for this crypto.
The technical indicators are in favor of the upcoming surges based on high buying pressure. If the trend continues, the Solana price might surge to $175, passing the resistance at $168 per analyst. However, this is also leading to the price fall with liquidation concerns.
$2.98 Billion To Liquidate If Solana Price Hits $176
The last few days have favored growth for Solana as it has recovered from a low value of $123. Now, the price has surged past $160 with a significant surge in trading volume, indicating the rising demand, which might push value even higher.
Also Read: Is the Crypto Market Surge Indicating The Bull Run Beginning?
However, a crypto analyst, Ali Crypto, has revealed the liquidation of $2.98 Billion, if the Solana price hits $176. These $2.98 are in short positions, which means the sellers will sell when the price reaches the $176 mark, causing the SOL price to drop again.
The Solana price should rise past this $176 to continue the bull rally and fight correction. If it succeeds, Captain Faibik, another crypto analyst, predicted that the token will rise to the $1000 mark.
Will The Solana Price Rally Continue?
The bullish push has made the Solana price rise this high, but the weighted sentiments are dropping. It is a hint at the presence of bearish sentiment in the market for the altcoin. It gets more clearer with the price failing to reach the resistance as it retrieved after $163, indicating a pullback.
With the drop in Long/Short Ratio per Coinglass, the altcoin might go under a correction before continuing its rally. Additionally, the user sentiments on Solana were very greedy, which speaks of correction due to excess buying in the market.
Final Thought
With the Ethereum ETF approval, Solana’s demand has grown, as the companies have lined up for the S-1 filing. If the Solana ETF gets approved, the Solana price to touch new heights, probably beating Ethereum in the race. For now, the buying pressure has helped the SOL price to rise to $160, but if it continues, $3 Billion will be lost from the market.
Continue Reading Trump NFT Collection Economics: Boom or Bust?
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