news 
Will Solana Hold Above $180? Assessing Key Price Movements
As the crypto market continues to experience volatility, a crucial question has been raised regarding the future performance of Solana (SOL). A prominent analyst has suggested selling SOL if it drops below $180. This has led to increased speculation about the token’s potential price movements.
Solana’s trading volume has seen a sharp decline over the last seven days. Furthermore, a key technical indicator hinted at an impending price drop. However, despite this correction in the last 24 hours, Solana’s price dropped slightly before recovering to $193 with a market capitalization of over $92 billion.
The importance of sustaining the token’s price within the $190-$180 range was highlighted by analyst Ali Martinez in a recent tweet. According to him, if SOL falls below this level, it might lead to further price drops, resulting in substantial losses for many investors.
AMBCrypto analyzed Solana’s on-chain data using Santiment and found that the token’s price may continue to drop as its trading volume decreased significantly over the last week. The decline in the metric suggests a continued bearish trend. On the other hand, Solana’s Social Volume remained high, indicating the token’s popularity in the crypto market.
Interestingly, our analysis of Hyblock Capital’s data revealed that Solana might now breach this critical trading range. Data showed that on December 29th, the buy volume touched an astonishing 86, which suggests a rise in buying pressure. This is a positive signal for SOL’s price as high buying pressure typically has a favorable impact.
To further gauge the token’s potential movement, we looked at two key technical indicators – Relative Strength Index (RSI) and Chaikin Money Flow (CMF). The RSI saw an uptick, indicating a growth in buying activity. However, the CMF dipped recently, suggesting a decrease in buying momentum.
While these metrics suggest that SOL’s price may drop under $180, only time will tell whether this forecast becomes reality.
Source: ambcrypto.com
