In the midst of the low market morale, the Sol, the original symbol of Solana Blockchain, acquires great attention from encryption lovers due to the recent low prices. As of today, February 2, 2024, the cryptocurrency market in general is witnessing a noticeable decrease in prices. Nevertheless, Sol reached a decisive support level with an impressive price repercussions.
With a value of $ 100 million, it deserves the external flow
Looking at the historical momentum of prices, long -term investors and investors gathered symbols, as stated by the Analysis Company on the series Coinglass. Data of instant flows and external flows revealed that the exchanges have witnessed a significant flow of more than $ 100 million of distinctive Sol symbols in the past 48 hours.
This external flow of stock exchanges indicates a possible accumulation, and given the current market morale, it appears to be an ideal purchase opportunity. It has the ability to create purchase pressure and make another gathering up.
However, it appears that traders during the day are moving in the opposite direction of encrypted whales, as they seem to benefit from the current market morale.
The scene of merchants
The data shows that the short sellers are betting heavily on the short side. According to the data, $ 236.30 is a level in which the sellers are excessive, and it occupies short stipulations of $ 175.50 million. Meanwhile, $ 223 is another level of records, as Bulls occupies long sites worth $ 46 million.
When combining these data, it appears that investors and their long -term investors are betting on long -term gains and seeing that this is an opportunity, and it explains the last potential accumulation. Meanwhile, short sellers seem to benefit from the current market morale and betting on short -term gains.
Current price momentum
Sol is currently trading near $ 224.15 and has witnessed a 3 % decrease in the past 24 hours. During the same period, the trading volume decreased by 20 %, indicating a decrease in participation from merchants and investors compared to the previous day.
Solana (Sol) and the next levels
According to expert technical analysis, Sol looks up despite the last accumulation, as it formed an inverted cup and an inverted style in the daily time frame and preparing for the collapse of the neckline.
Based on the last procedure of the price, if Sol violates the neckline and closes a daily candle less than $ 220, there is a strong possibility that Sol will witness a decrease in the price of more than 14 % to reach the next support level at $ 190.
However, this hippochet thesis will only keep if Sol closes a daily candle under the neck line; Otherwise, you may fail.
