Solana plunges to two-month low

Crypto market experts note: Solana SOL $86.50 Binance-Peg SOL 2.61% Market capitalization $95.16 million VOL. 24 hours $0.21 billion fell to its lowest level in two months, following the overall market decline led by Bitcoin BTC $77,336.41 Mezo Wrapped BTC 1.37% Market capitalization $76.76 million VOL. 24 hours $0.9 billion . During the day, long positions worth more than $ 21 million were liquidated. After that, the price of the virtual coin partially recovered, rising by 2%, but the pressure on traders remains significant.

During the January 15 session, the price of SOL reached $ 168.88, a 68-day low. Amid the fall, traders are forced to close their long positions, which leads to a decrease in open interest. According to Coinglass, the total amount of liquidations on the Solana market amounted to $ 25.48 million over the day, of which $ 21.38 million came from long positions.

Open interest, which reflects the number of unsettled contracts, decreased by 3.47%. This indicates a decline in market activity and a potential weakening of the asset’s value. If bearish sentiment intensifies, the price of SOL could fall to $ 170.41, leading to new liquidations.

Nevertheless, if optimism increases, the market may overcome the key level of $ 188.96, which would open the way to growth to $ 218.90. We would like to add that at the time of writing, the native cryptocurrency of Anatoly Yakovenko’s blockchain has recovered to $ 190.