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<p>Cryptocurrency analysts are sounding the alarm as Solana (SOL) undergoes a critical phase, testing key support levels in its current market trajectory.</p>
<p>According to the <a href="https://twitter.com/cryptonary/status/1732065618143101024" target="_blank" rel="noopener noreferrer nofollow">insights </a>provided by Cryptonary, SOL has experienced a setback, losing its primary uptrend. The focal point of concern is the $59 support level, with potential consequences that could lead to a pullback to $56 and, if that doesn’t hold, further down to $52.</p>
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<p>In a detailed technical analysis, it’s revealed that SOL has breached its horizontal support at $61 and is currently positioned beneath its primary uptrend line.</p>
<p>The $59 level is now a crucial threshold; if it fails to hold, it may trigger a more substantial downward movement. The $56 mark holds significant support, but a breach could pave the way for a descent to $52, presenting a potential opportunity for dollar-cost averaging (DCA) strategies.</p>
<p>Examining market mechanics, Cryptonary points out that open interest (OI) remains close to recent highs, hovering around $983 million, albeit slightly down from $993 million.</p>
<p>The OI-Weighted Funding Rate has undergone a notable reset, moving to a more neutral stance at 0.012% from the previous day’s 0.080%. This indicates a rebalancing between long- and short positions in the market.</p>
<p>Cryptonary emphasizes that while open interest is poised for a potential flushout, the current positioning reflects a more even distribution between longs and shorts. Turning attention to technical indicators, the chart signals a potential downside for SOL, particularly if the $59 support is breached. In such a scenario, long positions could face liquidation, contributing to a reduction in open interest.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/analyst-unveils-weekly-crypto-watchlist-as-bitcoin-surges-sol-matic-and-lunc-take-center-stage/" target="_blank" rel="noopener noreferrer nofollow">Analyst Unveils Weekly Crypto Watchlist As Bitcoin Surges: SOL, MATIC, and LUNC Take Center Stage</a></li>
 <li><a href="https://captainaltcoin.com/bitcoin-btc-bubble-or-bull-run-interpreting-the-mixed-crypto-market-signals/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) bubble or Bull Run? Interpreting the Mixed Crypto Market Signals</a></li>
 <li><a href="https://captainaltcoin.com/tornado-cash-dips-56-post-binance-delist-investors-shift-from-render-to-this-new-ai-altcoin/" target="_blank" rel="noopener noreferrer nofollow">Tornado Cash Dips 56% Post-Binance Delist; Investors Shift from Render to this New AI Altcoin</a></li>
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<p>The overall outlook suggests a likelihood of further downside for SOL, especially if Bitcoin struggles to make upward strides. Cryptonary expresses readiness to be a dollar-cost average buyer at the $52 level, provided the market presents this price point. Investors are advised to closely monitor these critical support levels and market dynamics as SOL navigates through this challenging phase.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-loses-uptrend-analyst-warns-failure-to-hold-support-could-result-in-sol-falling-to-this-price/" rel="noopener noreferrer nofollow">Solana Loses Uptrend; Analyst Warns Failure to Hold Support Could Result in SOL Falling to This Price</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana Loses Uptrend; Analyst Warns Failure to Hold Support Could Result in SOL Falling to This Price

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