Solana withdraws in important support levels, because the sales volume ensures that the price goes to the crucial support of almost $ 140. The SOL price promotion shows a correction after a rejected top and can now approach the basis of the earlier question. The drop under $ 151 support, which is a crucial, has led to a drop below $ 150, which could lead to a deeper retracement to the $ 141 to $ 145 zone.
The market sentiment around Solana is shifting while the large sleeping coins are moving. According to the data from Glassnode, the platform was witnessed by its 3rd largest coin days or CDD, a metric that follows the movement of coins based on how long they have stayed asleep. A huge peak of almost 3.55 billion CDD, which suggests that profit or repositioning.
Secondly, a different data point in the chain suggests an enormous efflux the inflow and outflow of the bridged cryptos. These are the cryptos that are transferred from one blockchain to another, and therefore the data suggests that the investors leave Solana. According to Artemis’s data, Solana is the top chain that was confronted with enormous outflows.
The graph above shows a huge outflow of the Solana blockchain, while Ethereum experiences a huge influx of almost $ 7.5 million compared to more than $ 10 million. This suggests a likely liquidity flow between these top two block chains, while the race for supremation between them has recently received enormous attention.
What is the next step for the price of Solana (SOL) – will it fall under $ 140 or return to $ 160?
Since the SOL price marked the highlights of almost $ 300, it has been traded in a steep falling trend. The rebound of the annual lows indicated an increase above the Bearish influence, but the current price action suggests that a deeper correction could be possible. The price has been marked with enormous losses since the beginning of the month, which can drag the levels near the crucial support levels, probably under $ 140.
The weekly graph of the SOL price suggests that token is undergoing a recovery, but it is stuck in a cup & handle pattern. Toking goes to the crucial support for $ 141, and since the weekly RSI falls to the lower support of the falling parallel channel, the price can also fall to the support of the handle. However, the levels can come back and rise according to the support of the pattern and reach $ 160 in the coming days.