Key Takeaways
- Solana’s price crashes to a weekly low of $165 as the crypto market sees over $7 billion in liquidation.
- Altcoins suffer over 30% decline in a crypto bloodbath as the market could potentially see lower prices.
- Solana’s bulls must maintain their price above $165 to prevent further crashes towards a low of $120.
The crypto market has turned into a full-blown Netflix show, with altcoins experiencing over a 30% price crash in the last few hours. The price of Solana fell from a high of $220 to around $165.
While this crash isn’t peculiar to just SOL price, the price of Bitcoin crashing from a region of $122,000 to a low of $103,000 has led to wild market liquidations and a bloodbath across the crypto space.
With over $250 billion liquidated in the last 24 hours from the market and over $1.6 trillion from the US stock market, traders and investors have taken to X to share their displeasure and speculate about whether the market remains bullish for the long term.
https://x.com/DegenerateNews/status/1976769299475018132
This liquidation has also affected activities on crypto exchanges. Binance, one of the biggest centralized exchanges, hints on its official page at a possible delay in transaction activities, which could cause glitches for traders.
Users have been encouraged to stay safe out there following the recent market bloodbath. This price crash has also affected Solana, as traders and investors actively monitor key zones ahead of a potential rebound or further crash.
Solana Price Analysis and Zones to Watch
Source – Solana Price Analysis from TradingView
The last few hours for Solana and the crypto market have been wild, with many crypto traders and experts suggesting they haven’t seen such a market crash since COVID-19 in the last five years, with over $7 billion in liquidation across the market in the last few hours, as the market looks really oversold.
Following significant liquidations, the price of Solana crashed to its weekly low of $165 before rebounding towards a key daily zone of $190. However, it could face further market crashes in the coming days as the market is currently liquidity short.
Readers and investors will watch how the price trades above the $160 key zone. If bulls hold above this zone, a strong rally towards $200 and above could occur. Conversely, a breakdown below this zone could lead to a further price crash to $120.
Patience will be required over the next few days for a response from the cryptocurrency market before opening a position for investment.
FAQs
Why is Solana dropping in price?
The cryptocurrency market has seen over $250 billion in liquidations in the past 24 hours, as prices show further potential for decline.
Is Solana expected to crash?
If the market price continues to decline following a wild bloodbath in the last few hours, it will affect more altcoins.
What caused the Solana crash?
Microeconomic factors, along with the crash of Bitcoin and other altcoins, have led to a further decline in the cryptocurrency market.
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