Main to remember
Sol is deliberately thrown into a long crowded market to trigger liquidations. Is it a calculated reset, or simply the beginning of a deeper pain?
The market closes the week with a striking red candle, slamming almost a month of regular gains. This decision clearly indicates aggressive deset at all levels.
Solana (soil) has not been spared. It is on the right track to finish the week down 15% compared to its $ 188 open, with a price share now serious to the key level of $ 160. For the moment, $ 160 is the name of the game.
And the issues could not be higher. Sol fell below a key price cluster made, putting the average holder in the red. Could the sale of Binance now be the final trigger that deepened bleeding?
Lever suffered as a Funnels Sol in Wintermute
Binance is on a tear. He discharged nearly 110,000 soil in Wintermute, and he does not look like a mixture of routine.
As reported by Ambcrypto, when Sol was negotiated about $ 180, the interests open to retail was 91% net length, reflecting an extreme retail lever effect to continue an $ 200 escape.
But the market overturned the risk, triggering a cascade of long liquidations. In fact, on August 1, Solana recorded $ 46 million in long liquidations, marking her biggest wipers in the first quarter.
Source: Glassnode
Despite this, the financing of perpings remains biased. The 5 -minute floor perpetual data from Binance always show a dominance of 78% long, pointing to continuous directional overcrowding.
In this context, the 110K soil unloading of Binance seems very tactical.
Solana already down 15% over the week, the sales pressure has probably led the price in fine liquidity, eliminated an excess lever effect and started the market for cleaner reset before potential reactuments.
DUMP SOLL SUPS OF THE SOLANA TOUCHE on the channel
The sale led Solana to a critical support area. However, with the permanent positioning still in the long term and the macro of risk of flow, the level of $ 160 remains technically exposed.
In addition, with $ 17.9 million long liquidations already eliminated, this could just be the first phase of a wider flush. Unless open interests reset or offers strong points, Binance can continue to look at the side of the sale.
The Urpd graph of Solana highlights a notable price of price density made between $ 140 and $ 150, which means that a large amount of soil has been moved for the last time (and therefore probably accumulated) in this range.
Source: Glassnode
A review of the price cluster made from $ 140 to $ 150 could therefore act as a high probability reactive area, especially for entities like Binance.
Add to that: Solana’s open interest remains compressed, the funding is always biased, losses made, and the wider positioning remains poorly aligned.
All of this suggests that a retest of this area seems more and more likely unless the feeling of risk is decisive optimistic.
