The post Solana Traders Eye on $140 Level, Here’s Why appeared first on Coinpedia Fintech News
As Bitcoin (BTC) fell below the $62,000 level, the overall cryptocurrency market experienced significant selling pressure. This bearish sentiment caused a major setback for Solana (SOL) as it broke its two days of consolidation near the crucial level of $160.
Solana (SOL) Price Action and Technical Analysis
The breakdown from consolidation has shifted the sentiment for SOL to bearish. Additionally, the SOL’s daily chart looks the form a bearish double-top price action pattern, which is yet to be confirmed.
Source: Trading View
Based on the historical price momentum, the last time SOL reached to $160 level it experienced massive selling pressure and fell to the $140 level. However, this time there is a high possibility that SOL could fall again to the $140 level.
Currently, SOL’s open interest also supports this bearishness as it has dropped by 7% in the last 24 hours, ind
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