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Will Solana hold above $180? Assessing key price movements
Solana’s trading volume has taken a drastic dip over the past week, raising concerns about its potential future performance. The token’s long-term prospects have come into question as it teeters on the edge of a precipitous drop.
As the cryptocurrency market continues to experience unpredictable fluctuations, investors are left wondering if Solana will be able to hold above $180 in the near future.
A recent analysis has suggested that Solana may need to sustain its price within a certain range ($190-$180) in order to maintain its current value. This comes as a popular crypto analyst posted a tweet recommending selling Solana if it falls under this critical level, citing potential losses for investors.
AMBCrypto analyzed Santiment’s data and found that Solana’s trading volume has indeed plummeted over the last week, indicating a bearish trend. Additionally, the token’s Long/Short Ratio registered an uptick, suggesting there are more long positions in the market than short ones, which could have bullish implications.
Despite this, another indicator showed that buying pressure on Solana is rising, as evidenced by its buy volume reaching 86 on December 29th. A value closer to 100 indicates high buying pressure, which tends to positively impact an asset’s price.
Interestingly, the token’s Relative Strength Index (RSI) has also recorded a slight uptick, hinting at increased buying activity. However, the Chaikin Money Flow (CMF) dipped in recent times, suggesting a decline in buying pressure.
Only time will tell whether this combination of indicators will ultimately affect Solana’s price and cause it to drop below $180 or not.
Source: ambcrypto.com
