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Solana (SOL) is poised to make a comeback following the liquidation of high-Leverage derivatives


September 17, 2021 · By Muhammad Awwal
Solana (SOL)

As this revolutionary blockchain initiative continues to gain traction, the price of Solana’s sol token has risen, leaving many other cryptocurrencies in the dust. The cryptocurrency has soared from a low of $22.10 to a new all-time high of $216, making it the sixth-largest cryptocurrency in terms of market capitalization.

Traders in the cryptocurrency world were initially enticed to the Solana network because of its low transaction costs and quick processing times; nevertheless, the outage emphasized the need for improved network infrastructure and increased decentralization.

After the mainnet had issues processing transactions and eventually went offline after reaching a peak of 400,000 transactions per second, the Solana blockchain native token SOL price recovery and consolidation continues.

Over $250 million in long and short positions have been liquidated across the board since the top, with over $27 million of the losses occurring in the last 24 hours.

Source: TradingView


Although the price of Solana has been fluctuating since the outage, it has not yet reached a critical support level. On the daily chart, the 38.2 percent Fibonacci retracement level and the middle Bollinger band appear to be providing SOL with a sturdy foothold.

SOL might rebound towards the 23.6 percent Fibonacci retracement level at $170 or even the all-time high at $216 if this demand wall holds.

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