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TRON’s (TRX) price is strong between $0.26 and $0.27, where more than 14 billion TRX are currently held.
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The open interest of TRON has dropped by 11.21% due to a surge in long-liquidations.
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Solana’s (SOL) opposition ranges between $155 and 157 dollars, while his support ranges between $145 and 147 dollars.
Glassnode, an analytical platform, highlighted that TRON (TRX), has received strong support between $0.26 and $0.27. This level saw more than 14 billion TRX accumulated, making it the highest concentration of investors.
In the area above, however, there is a limited amount of supply, which offers fewer opportunities for upward mobility. The majority of positions remain below the current market price, indicating caution among traders.
TRON’s Bearish Sentiment Increases as Open Interest Declines
CoinGlass data shows a growing bearish sentiment in the TRON derivatives markets. Open interest has fallen to 11.14 %, with a value of $317.27 millions. The main reason for the fall is an increase in liquidations of long positions, which totaled 709.09K within 24 hour, compared with 19.45K liquidations of short positions. The imbalance has lowered the Long/Short to 0.7857, which indicates an increase in bearish position.
The TRX open interest weighted funding rate has become negative at the moment, with a minus 0.0116%. This is a sign of traders who are speculating about price drops. Many expect a more severe correction as market sentiment becomes increasingly negative.
Solana Struggles to Gain Key Support
Likewise, Solana (SOL), is also facing difficulties. Glassnode’s analysis indicates that Solana is supported by a range of $145-$147, which equates to approximately 13 million SOL.
Resistance is also building between $155 and 157, with approximately 31 million SOL. Another significant resistance zone is located between $164 and 166, with 29 million SOL. These levels show where many investors have previously invested and may be considering exiting because of profit-taking, risk-management, or market uncertainty.
In recent weeks, Solana’s performance has been weak, and short-term rebound bids have not worked. Analyst AlejandroBTC called the latest bounce a dead-cat bounce, which indicated that more downside was expected, possibly as low as $60.
Coinglass data shows that the trading volume for Solana has decreased by 18.45%, to $12.99 billion. Open interest, on the other hand has increased by 2.06% and now stands at $6.56 billion. The open interest-weighted SOL funding rate is currently positive at 0.0018%. However, the volatility is a major concern.
TRON and Solana have important support and resistance levels. Investors closely monitor whether these assets can break key price levels or experience a further decline.
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