Key points:
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Sol fell by 9.5%, $ 30 million long liquidations took place.
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A downward divergence in term MCV and high funding rates suggest that long pressure has triggered the correction.
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Support for $ 180 and a recent golden crossing indicates that the Haussier continuation is still at stake.
Solana (soil) fell 9.5% on Wednesday, going to $ 186 from $ 205, potentially forming a lower swallowing scheme on the daily graphic. A fence less than $ 190 would mark its most important daily withdrawal since March 3, when Sol has dropped by more than 20%.
Floi Futures was faced with a clear correction, as $ 30 million in long positions were liquidated, after its open interest (OO) reaching a summit of $ 12 billion. Although the price is always seated 36% below its top of all time, the high oi suggests that traders could relax long positions and lock profits.
Several key indicators of ONCHAIN have alluded to the correction. The volume of Net-Preneur has become heavy for sale, showing that more aggressive transactions have been executed on the side of the sale. This quarter of work was supported by a drop in delta (CVD) approved to the cumulative point to the point, which follows, that buyers or sellers are more active, noting that holders have probably taken profits near $ 200 level.
Interestingly, the aggregated CVDs have regularly decreased, even if prices increased, which suggests that the term sellers have gradually increased their positions, a downward divergence preceding the decline.
In addition, funding rates have reached their highest point in the last quarter, indicating a long overcrowded trade. High funding and OC levels have created the perfect configuration for a long compression, forcing customers over -service to leave the pressure positions.
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Is it a floor dip to buy?
Although the sudden drop by 9% of the soil can increase short -term concerns, it follows a substantial rally of 56% in the last 30 days. Such a withdrawal is often a healthy reset, especially after an aggressive rise. Technically, the daily graphic remains constructive, $ 180 emerging as the key support for the Haussier continuation.
Sol has confirmed an upward rupture of the structure (BOS) earlier this week by recovering the level of $ 180, marking the first change of major optimistic trend over the time of day since November 2024. This BOS also triggered a golden crossing between the exponential mobile averages of 50 days and 200 days (EMA), a classic optimistic signal. The last time Sol has seen this crossing, the price jumped more than 730% between October 2023 and March 2024.
A positive price reaction and support at around $ 180 would strengthen the bullish momentum. However, not defending this level could open the door to a deeper correction to the area from $ 168 to $ 157. This range is aligned with a fair daily difference, an imbalance area of the previous market and the Fibonacci trace levels from 0.5 to 0.618, often considered as a high probability technical retestration area.
Related: Sol News Update: Solana Treasury Building Active the Rally around $ 240
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
