Whale leverage indicates a strong bearish stance in the market. A trader recently expanded a 20x leveraged short on Solana, indicating further anticipated losses. This trend suggests a serious sell-off, with SOL likely to struggle beneath critical support levels.
Solana continues to trade below pressure with a lower highs pattern and weak demand as shown by the RSI value of 37. Thus, prices could fluctuate around $120 and deeper toward $100 if the existing pressures remain unrelieved.
The SOL derivatives market is overwhelmingly positioned short with a long/short ratio close to 0.63. Such positioning signifies a strong bearish consensus among traders. Continuous sell-side dominance indicates persistent downward pressure on SOL’s price.
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