Ah, the crypto market-a veritable circus of folly and fervor! Here we find ourselves in a most peculiar scenario, reminiscent of a certain stubborn mule that refuses to budge from its favorite patch of grass. Bitcoin, that gallant knight of the digital realm, has found itself ensnared in a five-month-long losing streak-a spectacle more tragic than a love story gone wrong. And Solana, dear Solana, it seems, is caught in the grip of this tempest, trembling beneath the weight of uncertainty, unable to break free from the oppressive shadow of $90.
Shorts Piling Up Around $95-Oh, the Drama!
Picture, if you will, the 1-week SOL liquidation heatmap-a veritable map of doom, where leverage huddles together like frightened villagers before a marauding band of thieves. A lavish pile of liquidity, exceeding a staggering $10 billion, festoons the neighborhood of $90-$92. Why, it’s as if all of Solana’s hopes and dreams have decided to throw a party there, yet every time it tries to enter, it gets unceremoniously tossed back! Should SOL dare to tiptoe into this lair again, one can only imagine the short liquidations that would ensue-like a catapult launching a hapless potato into the stratosphere, sending the price careening toward $95-$100, only to cool down faster than a cup of tea left out in the winter chill.
At present, with prices frolicking between the cozy confines of $84 and $88, SOL finds itself entrenched in a liquidity-driven saga, where any move could send ripples through the marketplace akin to a stone tossed into a still pond. These are the late shorts, so dreadfully trapped, like a mouse caught in a cheese factory. If our dear Bitcoin should muster some semblance of strength, it is whispered among the traders that Market Makers might just decide to give those shorts a good kick, clearing the way for a potential romp beyond the mystical $100 threshold.
Solana’s Bearish Doji-A Foreboding Sign?
As we gaze upon the weekly price action of Solana, one cannot help but feel a shiver run down the spine. The price seems to be inching towards the abyss, a harbinger of a deeper correction looming on the horizon. After an exhausting duel between the bulls and the bears, the poor price dangles precariously, like a tightrope walker in a windstorm. A bearish reversal appears to be lurking about, possibly dragging the beleaguered SOL price below the dreaded $80 mark.
Having shed nearly 70% of its former glory, SOL now languishes in a crucial support zone-once a formidable fortress of resistance. This level, which stubbornly repelled previous attempts at ascension, now beckons for a retest, infused with dramatic significance worthy of a Shakespearean play.
The weekly On-Balance Volume (OBV), that fickle barometer of buying enthusiasm, continues its downward spiral, suggesting that the buying pressure is as weak as a kitten after a long day of napping. To add to the air of foreboding, the current weekly candle has opened below the prior week’s close, forming a Doji Star-a pattern that whispers sweet nothings of trend exhaustion and the possibility of further descent.
Alas, history has a knack for repeating itself! A similar structure once sent the price tumbling from lofty heights above $250 down to the depths of despair at nearly $125, followed by months of listless wandering. Should this eerie pattern re-emerge, one must brace for yet another deep plunge into the abyss, with the next major support zone potentially lurking around the ominous $50 mark-or perhaps even lower, like a forlorn traveler lost in an unforgiving wilderness.
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2026-02-17 18:21