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Will Solana Hold Above $180? Assessing Key Price Movements
Solana’s [SOL] has been a subject of interest in the cryptocurrency market lately, and with its current price hovering around $193, investors are left wondering if it will be able to hold above $180. This article aims to assess key price movements that could impact Solana’s future performance.
In recent times, the token’s trading volume has taken a sharp dip over the last seven days. A decline in this metric typically hints at a continued bearish trend. However, Solana’s Social Volume remained high, indicating its popularity within the crypto market.
Moreover, our analysis of Hyblock Capital’s data revealed an increase in buy volume to 86 on December 29th, which suggests that buying pressure is rising. This surge in buying activity can have a positive impact on the token’s price.
A technical indicator also hinted at potential bearish trends as Solana’s Chaikin Money Flow (CMF) dipped recently, signaling a decline in buying activity. However, its Relative Strength Index (RSI) recorded an uptick, indicating increased buying pressure.
It is difficult to predict the future with certainty, but based on these findings, it seems that there is an equal chance for Solana’s price to fall under or hold above $180.
Source: ambcrypto.com
