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In the midst of a bear market, salt, gender token Solan Blockchain, he attracts significant attention from the cryptocurrency enthusiasts due to the recent fall in price. As of today, February 2, 2024, the entire cryptocurrency market testified to a significant price drop. Nevertheless, salt has reached a key level of support with the history of impressive prices.
100 million dollars worth the outflow of salt
Looking at the historical momentum of prices, long -term owners and investors accumulated tokens, as reported by an analytics company on the chain Coingling. Data from influx and outflow spots have found that exchanges are witnesses of a significant inflow of more than $ 100 million in the last 48 hours.
This exchanger outflow indicates potential accumulation, as given the current mood of the market, it seems to be an ideal opportunity to buy. It has the potential to create a purchase pressure and start a further rally.
However, the traders seem to be moving in the opposite direction from the crystic whale, as it seems to capitalize current opinions in the market.
The traders carry the view
Data show that short sellers are significantly betting to the short side. According to data, USD $ 236.30 is a level where short sellers are excessive, and they have short positions worth $ 175.50 million. In the meantime, $ 223 is another level of excessive level, where the Bulls hold open long positions worth $ 46 million.
Combining this information, it seems that investors and long -term owners of the bet on a long -term gain are seen as an opportunity, which explains the recently potential buildup. In the meantime, short sellers seem to exploit current opinions on the market and bet on short -term gains.
Current momentum of prices
Salt is currently traded close to $ 224.15 and has experienced a price drop of 3% in the last 24 hours. During the same period, its trading volume decreased by 20%, indicating lower participation of merchants and investors compared to the previous day.
Solana (salt) technical analysis and upcoming levels
According to a professional technical analysis, salt appears, despite the recent accumulation, because in the daytime frame, he formed a bear a reverse cup and a handle pattern and is ready to break the décolletage.
Based on a recent price action, if salt violates the neckline and closes the day candle below $ 220, there is a great opportunity that salt can testify to a drop of prices of over 14% to reach the next level of support at $ 190.
However, this bear thesis will only be kept if the salt close the daily candle under the neckline; Otherwise, it can succeed.
