Update
SOL Faces Selling Pressure Near Support
Technical analysis for SOL indicates that the bull market is under pressure near the support level of $98. A crowded long position and waning momentum are contributing to selling pressure. Positions exceeding $1 million are 87% long, with smaller positions also tilted bullish. A liquidation level near $98.07 for positions exceeding $1 million is identified, with potential long liquidations of $53 million below spot compared to $10 million for short liquidations above spot. This imbalance suggests that more liquidations are below the market than above it, potentially creating additional downward force on forced closures.