CandleFocus Will Solana’s Bullish Momentum Sustain Amid Selling Pressure?
2024-10-25
Author: Content Editor
Solana (SOL) has experienced a slight decline in trading, but has gained 13% in the last week. The recent bullish momentum has led to increased short positions and intensified selling pressure. Over $7 million worth of short positions were liquidated within 24 hours, and shorts accounted for 64.54% of market activity. SOL has surpassed a resistance range and is now overbought according to the RSI, indicating potential sell pressure. However, SOL is eyeing a new resistance zone at $185, and the Solana-based decentralized exchange Raydium (RAY) has surpassed Ethereum in fee collection. Traders are cautious, as a drop below $161 could trigger significant liquidations, while a breakthrough at $175 could lead to a rally towards $186.
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