Solana's price has been struggling to break above the weekly open at $83.05, a level that has proven elusive for the cryptocurrency in recent days.
According to analyst BitDealer, who shared a chart of Solana's weekly performance on X, the current price is still well below key resistance levels and appears to be targeting the lower consolidation area.
The heatmap provided by CW shows high leverage long positions built over the past month have been liquidated, with the recent move likely flushing out much of the leveraged long exposure.
However, despite this development, buyers have yet to reclaim key resistance levels, and the chart still suggests a potential downside risk towards $60 if they fail to do so.