CandleFocus

Solana (SOL) Longs Seek Recovery After $60 Million Liquidation Setback

Author: Content Editor
The recent decline in the price of Solana (SOL) has not deterred confident traders who believe it is only a temporary dip. The Solana Long/Short ratio is currently above 1, indicating that there are more long positions anticipating a price increase than shorts expecting a decrease. This bullish sentiment is occurring despite the high number of liquidations in the market, with SOL liquidations totaling approximately $60 million in the past 24 hours. The SOL price has dropped below the 20 and 50 Exponential Moving Averages (EMA), indicating a bearish trend. If the altcoin fails to recover above the $210 demand zone, the correction may intensify, potentially leading to a decline in value to $189.36. However, increased buying pressure could reverse the trend and drive SOL to rally towards $264.66.

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