Solana (SOL) has recently broken out of a range it consolidated within two weeks ago and rallied past the $75 mark. This level had acted as a strong resistance level in the past ten days. Furthermore, its TVL was also in a continuous uptrend, showcasing increased adoption and usage.
The technical structure is also bullish on the 24-hour chart. The OBV also trended higher to reflect steady buying pressure on Solana. The RSI also touched the neutral 50 mark during that drop but didn’t drop below it.
A move southward would put massive pressure on the overleveraged long positions and could yield liquidity. The $82.3 - $86.2 pocket has some liquidation levels, with multiple 12M+ liquidations estimated. As of now, at the time of writing this article, Solana is trading at around $93 with a market capitalization of $39.8 Billion and currently stands at #5 in rank-wise order of top digital assets in terms of market capitalization in CMC.