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Will Solana Hold Above $180? Assessing Key Price Movements
Solana’s trading volume dipped sharply in the last seven days, and a key technical indicator hinted at a potential price drop soon. Despite a slight correction in the last 24 hours like several other cryptos, it is crucial for the token to maintain its value within a specific range to hold its price. Can Solana accomplish this feat or will the ending of 2024 witness SOL losing market capitalization?
Solana’s Critical Level
After a nearly 5% weekly price hike, the token’s value dropped in the last 24 hours, with SOL currently trading at $193 and having a market capitalization of over $92 billion. A popular crypto analyst shared an interesting insight, stating that it is essential for Solana to sustain its price within the range of $190-$180. If the token falls under this level, it might result in further price drops, leading many investors into losses.
On-chain data analysis was conducted by AMBCrypto to determine whether SOL falling below this critical trading range is possible in the near term.
Source: ambcrypto.com
