Over the past fortnight, the bullish trend of Solana [SOL] has been prevailing, leading to expectations of downward pressure amongst traders earlier this week. This anticipation resulted in an increase in short positions and subsequent liquidations as sellers anticipated a decline.<\/p>\n
Within the last five days, SOL has encountered a rise in selling pressure. Despite a two-week rally, there is a growing urge to secure profits, intensifying the pressure. Consequently, there has been a notable uptick in short positions.<\/p>\n
On-chain data from Coinglass reported liquidations of short positions worth over $7 million in the past 24 hours. The data also indicated that short positions outweighed long positions significantly, accounting for 64.54% during the same period.<\/p>\n
The SOL long\/short ratio plummeted from 1.05 on September 20th to 0.95, but has rebounded to 1.1 within the last 22 hours.<\/p>\n
The decrease in the SOL long\/short ratio since October 20th indicates a surge in short positions in comparison to long ones, which was an anticipated outcome for various reasons.<\/p>\n
Since October 20th, several leading coins have succumbed to selling pressure, experiencing subsequent pullbacks. Additionally, SOL retested a resistance level around the same period.<\/p>\n
The resistance threshold between $161 and $163 was breached by SOL, which continued its upward momentum. The surge in short liquidations took place beyond this resistance zone.<\/p>\n
Presently, the price of SOL has reached $174, marking an overbought condition according to the RSI indicators.<\/p>\n
While the overbought status signals a likelihood of increased selling pressure, there might still be potential for further upside in the upcoming days. The next resistance level for SOL stands at $185.<\/p>\n
The unexpected price surge of SOL led to a short squeeze scenario, particularly amidst the surge in open interest seen this week.<\/p>\n
Within the last 24 hours, open interest surged to $3.26 billion, hitting a level not witnessed since the beginning of April.<\/p>\n
The upward momentum of SOL confirms a breakout, potentially enticing more traders to adopt long positions. However, this also highlights a possible shift towards long liquidations once the sweep of short positions is finalized.<\/p>\n","protected":false},"excerpt":{"rendered":"
Over the past fortnight, the bullish trend of Solana [SOL] has been prevailing, leading to expectations of downward pressure amongst traders earlier this week. This anticipation resulted in an increase in short positions and subsequent liquidations as sellers anticipated a decline. Within the last five days, SOL has encountered a rise in selling pressure. Despite<\/p>\n","protected":false},"author":1,"featured_media":28554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-28553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=28553"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28553\/revisions"}],"predecessor-version":[{"id":28556,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28553\/revisions\/28556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/28554"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=28553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=28553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=28553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}