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June 16, 2024
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THORChain And Solana Face Liquidation Risk: How Low Might The SOL And RUNE Price Go?

The post THORChain And Solana Face Liquidation Risk: How Low Might The SOL And RUNE Price Go? appeared first on Coinpedia Fintech News

The crypto space has recorded a significant correction of over 3% within the past day, indicating a possible condition of pump-and-dump as the market had recorded another jump in its value the day prior to it.

CryptoSoulz, a well-known technical analyst with a substantial followers of over 42K on the “X” platform, has recently posted a tweet, explaining the possibilities of liquidation levels to keep in consideration for the future. 

RUNE Price Analysis:

THORChain price was seen trading in a consolidated range for a brief period, following which the price gained over 40% during the market pump. After that, the price has been hovering around the same range as the market faces a decline in its price action.

The RUNE token has more than $70 Million in long-term liquidation. Further, the chart displays a strong green DELTA, suggesting the price to undergo a short in the coming time. The RUNE price had gained massive attention, following the market pump, as the coin had added over 40% to its portfolio during that time. 

Moreover, RUNE has more than $1 Million in its liquidation profile between $2.65 and $2.75. At the time of publishing, the price of THORChain was $2.88. If the price continues to dip and fall around the range, it may experience a significant selloff in its value. 

Further, the technical indicators point towards bearish. The analyst suggests that the coin will experience more liquidity below than it could above, keeping the present market sentiments into consideration.

Solana Price Analysis:

The Solana price has displayed significant price action during the previous month as the coin has added over 68% in value, making it one of the best performers of the month. Following the preceding SBF trials, the SOL token gained massive attention, and FTT has a major holding in this. 

CryptoSoulz has recently shared an analysis of Solana, where the analyst has highlighted its liquidation levels. Solana presently has over $3 Billion in Futures-long liquidation. Further, the token has 40M+ worth of long liquidation at $40.

The price was seen hovering close to this level, but recently, the price experienced a price drop of over 10%, resulting in the price falling below the $40 mark and losing momentum.

The analyst further predicts the $47 to be the local top, following which the coin is expected to experience a short in its value. Solana has recorded a yearly high of $44.78, after which the price underwent correction. 

CryptoSoulz expects the coins to experience a liquidation in their values before testing for a rebound in the coming time, which may lead to a new ATH overall.

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