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<p>The post <a href="https://coinpedia.org/price-analysis/solana-traders-eye-on-140-level-heres-why/" rel="noopener noreferrer nofollow">Solana Traders Eye on $140 Level, Here’s Why</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>As Bitcoin (BTC) fell below the $62,000 level, the overall cryptocurrency market experienced significant selling pressure. This bearish sentiment caused a major setback for Solana (SOL) as it broke its two days of consolidation near the crucial level of $160.</p>
<h2 class="wp-block-heading" id="h-solana-sol-price-action-and-technical-analysis"><strong>Solana (SOL) Price Action and Technical Analysis</strong></h2>
<p>The breakdown from consolidation has shifted the sentiment for SOL to bearish. Additionally, the SOL’s daily chart looks the form a bearish double-top price action pattern, which is yet to be confirmed.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38-1024x448.png" alt="" class="wp-image-343422" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/27231749/SOLUSDT_2024-08-27_23-17-38.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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</figure>
<p>Based on the historical price momentum, the last time SOL reached to $160 level it experienced massive selling pressure and fell to the $140 level. However, this time there is a high possibility that SOL could fall again to the $140 level.</p>
<p>Currently, SOL’s open interest also supports this bearishness as it has dropped by 7% in the last 24 hours, indicating reduced interest from investors, according to CoinGlass data.</p>
<p>Whereas, the technical indicator named 200 Exponential Moving Average (EMA) signaling SOL is still in an uptrend as it is moving above it.&nbsp;</p>
<h2 class="wp-block-heading" id="h-sol-whale-on-buying-spree"><strong>SOL Whale on Buying Spree</strong></h2>
<p>However, investors still look at accumulating tokens in this range. Recently, an on-chain analytic firm lookonchain made a post on X (Previously Twitter) stating that Whale has purchased a significant 28,717 SOL worth $4.56 million in this consolidation zone from Binance.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">A whale bought 28,717 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a>($4.56M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> today and staked it.<a href="https://t.co/X26MdvAuKh" rel="noopener noreferrer nofollow">https://t.co/X26MdvAuKh</a> <a href="https://t.co/iavZfNs9mb" rel="noopener noreferrer nofollow">pic.twitter.com/iavZfNs9mb</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1827712266961391700?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 25, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Moreover, this was not an ordinary purchase as whales staked all those tokens meaning they might be aiming for long-term holding.&nbsp;</p>
<h2 class="wp-block-heading" id="h-current-price-performance"><strong>Current Price Performance</strong></h2>
<p>At press time, SOL is trading near $153 and has experienced a price decline of over 2.5% in the last 24 hours. Meanwhile, its trading volume has remained stable during the same period, according to coinmarketcap data it is up by 1.2%.</p>
<p>Other major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), BNB (BNB), and Dogecoin (DOGE) experienced similar selling pressure. In the last 24 hours, these tokens have seen a price drop of over 3.2%, 5.3%, 2.5%, and 3.5%, respectively.&nbsp;</p>

Solana Traders Eye on $140 Level, Here’s Why

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