- Solana price steadies near $188 after a 9% drop. Traders watch $185 support as $176M in liquidations loom and bears eye a deeper correction.
Solana (SOL) is trading around $188 on Tuesday morning, stabilizing after a bruising session that saw the token plunge more than 9% on Monday. The sudden drop, triggered by heavy net outflows, wiped out recent gains and spooked leveraged traders. With nearly $176 million in long liquidations at risk if the slide deepens, Solana now sits at a critical crossroads.
On Monday, Solana saw one of its heaviest withdrawal days this year, with roughly $167 million pulled off exchanges. That rush out of the market came right as the token slid, forcing liquidations and leaving many traders nursing losses. It’s the kind of move that shows how fast sentiment can flip in crypto, one day everyone’s chasing $200, the next they’re scrambling for the exits.
Why Did Solana Stumble Below $200?
The rejection at $200 didn’t come out of nowhere. After a month of steady gains, profit-taking kicked in right where sellers have stepped up before. A wave of liquidations, estimated near $176 million in leveraged positions, added fuel to the drop. It’s a reminder of how quickly momentum can reverse in crypto once key levels break.
Some traders argue the rejection was healthy, a reset after an overheated run. Others worry it signals a deeper unwind, especially with Bitcoin and Ethereum showing signs of fatigue.
Solana Chart Analysis
- Immediate support: $185.
- Next level down: $175, $165
- Overhead resistance: $200, then $210
A bounce from $185 would ease the pressure and open the door to another attempt at $200. But a clean break below could invite fresh short positions, dragging SOL closer to $165 in the days ahead.
Is Solana’s Trend Still Intact?
Despite the bearish tone today, the bigger picture hasn’t broken. Solana has gained more than 50% since spring lows, and institutional flows into Solana-based projects are still healthy. The problem is timing: buyers may need to absorb one more round of selling before momentum shifts back in their favor.
For now, the $185 level is more than just a number on the chart. It’s the line between another routine dip and a correction that could rattle one of crypto’s strongest comeback stories this year.
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