- TRON (TRX) shows strong support at $0.26–$0.27, where over 14 billion TRX are held.
- A surge in long liquidations has caused TRON’s open interest to drop by 11.21%.
- Solana (SOL) faces resistance between $155–$157, with support between $145–$147.
The analytical platform Glassnode highlighted that TRON (TRX) has received strong support in the range of $0.26 to $0.27. More than 14 billion TRX were accumulated at this level, making it the most concentrated investor range.
Nevertheless, in the area above this zone, there is a limited supply that offers fewer chances of upward mobility. The majority of positions are still concentrated below the prevailing market price, signaling caution among traders.
TRON Bearish Sentiment Rises as Open Interest Declines
CoinGlass data indicates an increasing bearish sentiment on the TRON derivatives market. The open interest has declined to 11.14%, with a current value of $317.27 million. The fall is mainly spurred by an increase in long liquidations, which totaled 720.09K within 24 hours, compared to 19.45K short liquidations. The imbalance has reduced the Long/Short ratio to 0.7857, indicating an increase in bearish positions.
To further compound the bearish factor, the TRX open interest-weighted funding rate became negative, with a -0.0116% at the moment. This shows more pressure from traders speculating on price decreases. As market sentiment becomes increasingly bearish, many anticipate an even more severe correction, particularly given the broader weaknesses across the cryptocurrency markets.
Solana Struggles at Key Support
At the same time, Solana (SOL) is also experiencing difficulties. Analysis by Glassnode indicates that Solana has support at the range of $145 to $147, which comprises approximately 13 million SOL.
Meanwhile, resistance is building at $155–$157 with roughly 31 million SOL, and another significant resistance zone lies at $164–$166, backed by 29 million SOL. These levels indicate where many investors previously entered and may consider exiting due to profit-taking, risk management, or market uncertainty.
Over recent weeks, Solana has recorded some weak performances, with short rebound bids proving unsuccessful. Analyst AlejandroBTC on X called the most recent bounce a dead cat bounce, which indicated more downside was still to be expected, potentially as low as $60.
According to Coinglass data, the trading volume of Solana has reduced by 18.45% to stand at $12.99 billion. On the other hand, the open interest has increased by 2.06% to $6.56 billion. SOL open interest-weighted funding rate is presently positive and is 0.0018%, although the volatility is of grave concern.
TRON and Solana experience essential support and resistance levels. Investors are closely monitoring whether these assets can break through key price levels or experience further declines.
Related: Justin Sun’s ‘TronStrategy’ Drives TRON’s $1.8B Trading, Outpacing Alibaba’s $1.19B
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