Solana (SOL) Price Takes a Plunge, Liquidating 143% of Long Positions

The Solana price has faced high volatility on the daily chart after profit-taking took place in the network. As a result, analysts observed a bearish sentiment developing

In a surprising turn of events, Unilabs’ (UNIL) referral program launch has been nothing short of a success. In the first 24 hours of the announcement, over 1,050 new investors have joined the network, with more potential buyers showing interest and visiting its presale. So far, the platform has managed to bag over $470,000 at $0.0051 per token, and could be seen soaring ahead in the coming days.

Unilabs is gaining traction for significant returns, full access to “VIP only” ventures, and next-level transparency. This platform is built to drive lucrative opportunities and bullish returns by enabling institutional investment opportunities for retail traders. Unilabs enables investors to seize the potential of high-growth crypto innovations in its AI-backed investment platform.

However, another crypto asset that has faced high volatility in the daily chart is Solana (SOL), after profit-taking activity took place in the network. As a result, analysts observed a bearish sentiment developing, with minor signals of a potential rebound if SOL manages to get closer to resistance.

SOL Expresses 143% Liquidation As Solana Price Drops

Solana (SOL) has seen some serious liquidation in the last 24 hours as market volatility affected the Solana price performance.

Investors were surprised and lost funds after betting on a bullish performance from SOL. According to CoinGlass data, a total of $15.63 million was lost in the latest Solana price plunge as those who went long suffered the biggest losses.

A total of $13.27 million was wiped out in the time frame as the Solana dropped drastically. During this period, the Solana price suffered a 5.05% decline in the crypto market. This happened after SOL faced resistance at $172 and pulled back despite anticipations of a bullish rally. The poor Solana price performance led to a 143% liquidation imbalance for traders.

Those who went short on the SOL trades were not affected as much as those who went long. But following Solana’s market rejection, a total of $2.36 million was wiped out from these investors.

At the time of writing, the Solana price was trading at $171.84. The poor price performance has led to a significant loss of confidence from market participants.

Unilabs’ (UNIL) Referral Program Spikes Up As Analysts Count 1,050 New Users

The growing adoption of the Unilabs (UNIL) network has caught the attention of several analysts, with some speculating that this sentiment could indicate an imminent breakout. The platform uses real-time market data and machine learning to uncover projects with outstanding fundamentals before they become widely recognized in the market.

With over $30M in Assets Under Management (AUM) and a dedicated global community, Unilabs provides direct, early-stage access to blockchain disruptors, presenting lucrative opportunities to institutional investors and retail traders alike. The platform is equipped with AI-powered trading tools to assist in navigating the shifting market conditions.

Analysts Remain Optimistic For Another SOL Rally

Despite Solana’s earlier struggle to maintain its rebound from lower levels, at least on the ecosystem’s side, there hasn’t been enough momentum to push the asset upward. This might be one of the reasons why SOL failed to break through the $180 resistance.

The current Solana price is at a crucial testing point as market analysts are focused on its 200-day Simple Moving Average and how SOL will perform in the coming days.

The bulls are key contributors who could push assets upward. If they actively increase the trading volume by buying more coins, the Solana price might rise above $210 in the short term.

Meanwhile, Chris Burniske (a crypto analyst) expressed optimism that if Solana follows the same trajectory as Bitcoin, it could surge to $420 in the upcoming sessions.