The key to the sun in crypto markets: Solana and Dogecoin under pressure as liquidations exceed $350 millones

The volatility that characterizes the cryptocurrency markets has once again put the treble clef in the spotlight—the technical breakeven point where solid fundamentals and speculative pressures converge. Solana has seen a significant pullback, plummeting from its recent high near $145 to much lower levels, reflecting a massive wave of liquidations and the breakdown of key technical indicators that have shaken the ecosystem.

Robust fundamentals facing the treble clef technique

Despite the strong pillars that underpin the Solana network—with roughly $15 billion in stablecoins currently circulating and more than $1 billion in tokenized real-world assets, according to data from DeFiLlama—technical signals reveal growing uncertainty. The current price of SOL stands at around $118.76, registering a drop of 5.83% in the last 24 hours.

The critical breakout occurred when SOL pierced its 20-day and 50-day exponential moving averages, an event that according to technical analysis models represents the collapse of important psychological barriers. During this dip, volume spiked dramatically, with hourly peaks showing 3 million SOL traded—more than 200% above daily averages—conferring genuine selling pressure on the moves.

Split Analysts: Interpreting the Market’s Treble Key

The market is polarized regarding the prospects of SOL. Some traders see this correction as a healthy purging opportunity that could catalyze renewed buying, pointing to recoveries towards $160. Others, more cautious, warn of steeper declines that could take the price towards $122 or even lower.

The $128 to $130 zone has become the ultimate battleground. A sustained break below this technical level would confirm a deeper downtrend, while a consolidation in this range could signal a stabilizing base. Net outflows of funds in Solana ETFs add additional pressure, against a broader backdrop of risk aversion driven by geopolitical tensions and global macroeconomic uncertainty.

Dogecoin and the Extension of Pressure: A Sol-Key Analysis for Altcoins

Dogecoin has not escaped the overall market pressure, pulling back by approximately 6.01% in the last 24 hours towards the $0.12 level. The memecoin broke the critical support at $0.1218 on high volume, turning that level into short-term resistance even after brief recoveries that touched it near $0.115.

For traders, the zone between $0.115 and $0.12 represents a crucial decision area. A consolidation and recovery towards $0.1218 would suggest temporary stabilization. However, a break below $0.115 would open the floodgates to lower levels, potentially between $0.108 and $0.10.

The underlying message: Liquidations and market realignment

Nearly $390 million in derivatives positions have been liquidated in this surge, with $348 million corresponding specifically to long positions according to CoinGlass. This magnitude of liquidations reflects not only speculative volatility, but a fundamental readjustment in how the market is repricing risk in the current context.

The key to understanding this move lies in recognizing that the underlying fundamentals—the robustness of the Solana network with its $15 billion in stablecoins and tokenized assets—remain intact. What has changed is the market’s willingness to hold risky positions amid macro uncertainty and technical pressures. The next few days will determine whether this correction represents a healthy purge or the start of a more sustained downtrend.