Solana’s value is witnessing a decline in investor interest, triggered by a drop from a key resistance level. This has plunged investor sentiment by maintaining its price around the $100 threshold. This drop in value follows Bitcoin’s rejection near the $53,000 peak, sparking a series of long liquidations throughout the market. As a result, the current bearish sentiment is supported by on-chain metrics as they indicate that Solana’s decline below immediate support lines might be nearing, with signals pointing towards a bearish pattern.

-Solana’s Active Addresses Sees A Steep Decline
In the past 24 hours, the cryptocurrency market experienced total liquidations exceeding $300 million, with buyers offloading positions valued at more than $220 million. Solana, in particular, saw long positions worth over $10 million being liquidated. This triggered an immediate selling pressure on the SOL price and plunged it to the support around $100.

The recent drop in Solana’s price resulted from investor anxiety following a market correction when it was near its highest values. This decline was brought by Bitcoin and Ethereum’s inability to hold their positions around $53,000 and $3,000, respectively.
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