Lokesh Gupta
13-01-2025
On the 4-hour chart, Solana has been consolidating within a symmetrical triangle for a prolonged period.
A recent crypto market sell-off caused Solana to break out of the triangle, with the price now hovering around $180.
After the sell-off, Solana entered a consolidation phase, awaiting a clear directional move.
Today, the market broke out of the consolidation zone and shifted into a bearish trend.
The key support level is around $175; if breached, the next support levels are at $165 and $120.
However, if Solana closes above $184, there’s potential for a reversal similar to Bitcoin.
In the last 24 hours, the crypto market saw $9.77 million in liquidations, with $7.79 million from long positions and $1.98 million from shorts. This underscores strong bearish momentum, particularly impacting long traders betting on price increases.
Between January 12th and 13th, the percentage of Solana long traders dropped from 49.47% to 46.41%. This decline reflects a shift in sentiment, with fewer traders optimistic about Solana's price movement during this period.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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