Amid rising volatility in the crypto market, Solana (SOL) faced significant liquidations impacting many investors betting on price growth.
Decline in Solana Trading Volume
According to CoinGlass data, $15.63 million were lost in the Solana ecosystem over the past 24 hours, as investors betting long suffered losses. Solana's price dropped by 5.05% after hitting a resistance level of $172.
Analysts Remain Optimistic Amid Price Drop
Despite the price drop, some analysts maintain optimism. Crypto analyst Chris Burniske suggests that if Solana can align with Bitcoin trends, it could reach $420.
Market Experts' Views on Solana's Future
Given the current situation, experts point out the need for increased trading volumes to support Solana's growth. There is hope that with rising purchases, the price could exceed $210 in the near term.
The situation in the Solana market reflects broader trends of volatility in the cryptocurrency sphere. Investors and analysts continue to monitor changes, awaiting potential recovery opportunities.
