Solana, that fickle lover, remained trapped in a $122-$145 purgatory on the 24th of December, as if the market itself were a sullen poet, scribbling verses of despair. 🖋️
Despite ecosystem developments, the market structure reflected caution, as if traders were whispering secrets in a dark alley. Liquidity-driven moves dominated, like a drunken dance at a masquerade ball. 🕺
Repeated failures to reclaim higher levels weakened bullish conviction, leaving traders as confused as a cat in a thunderstorm. 🐱⚡
Observing price action, the price stayed confined within a broader $122-$145 range, like a prisoner in a gilded cage. 🏰
Sellers maintained control, their greed outweighing any hope for a rally. This compression kept traders focused on liquidation levels, as if they were chasing shadows. 🕳️
Solana’s RSI hovered near the neutral 40 level, a sad reflection of weak momentum and limited directional conviction. 🤷♂️
MACD remained below the signal line, highlighting sustained bearish pressure, as if the market were a grumpy old man with a permanent frown. 😠
Will whales decide Solana’s next major move?
On-chain data from Onchain Lens revealed a sharp divergence between two high-profile whale addresses, each playing a deadly game of chess with leveraged SOL positions. 🏰♟️
Whale “0x0e4” maintained a 20x SOL long position, now a tragic hero with losses exceeding $5.78M. An additional 20x BTC and 10x HYPE longs pushed total unrealized losses near $8.5M. 💸
In contrast, whale “0x35d” held a profitable 20x SOL short position, valued at approximately $11M. This position was gradually reduced, suggesting controlled profit-taking, as if the whale were a seasoned gambler. 🃏
The same whale also held leveraged BTC and ETH positions, with combined profits exceeding $27.7M. A true maestro of chaos. 🎻
Infrastructure catalyst: Coinbase expands SOL
Coinbase, the modern-day alchemist, announced support for SOL deposits and withdrawals through its Base network. 🧪
The integration enabled seamless transfers between Solana and Base, as if the blockchain world had finally learned to share toys. 🧸
Users gained the ability to utilize SOL as an ERC20 token within Base-native decentralized finance applications. A marvel of innovation, or a bureaucratic nightmare? 🧩
Market participants highlighted reduced transaction friction, but availability remained restricted, leaving many jurisdictions in the dark. 🌌
Liquidity concentrated between $121 and $133
The 48-hour liquidation heatmap revealed dense downside liquidity, a graveyard of leveraged long positions. 🕯️
This zone represented a high concentration of vulnerable positions, as if the market were a ticking time bomb. ⏳
Upside liquidity appeared near $128.5-$129.5, a tempting oasis for traders. 🌴
Until then, price reactions remained muted, and corrective bounces lacked strength, like a deflating balloon. 🎈
Final Thoughts
- Solana’s behavior near $122 remains critical, a crossroads where $117 or a shaky truce awaits. 🚧
- A sustained reclaim above $125 could shift momentum toward higher liquidity targets near resistance at $145. A dream, perhaps? 🌙
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2025-12-25 09:18