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Will Solana hold above $180? Assessing key price movements
As the crypto market continues to exhibit unpredictable patterns, a popular analyst has raised concerns about Solana’s (SOL) potential drop below the crucial $180 mark. The analysis examines recent key price movements and provides insights into the possibility of SOL falling under this level.
Solana’s trading volume dipped significantly over the last seven days, which suggests that its price may continue to decline. Additionally, a technical indicator hinted at a potential price drop soon. Despite a slight correction in the last 24 hours, Solana has witnessed a nearly 5% weekly price hike. However, it is crucial for the token to maintain its price within the $190-$180 range in order to avoid losing market capitalization.
Ali Martinez, a prominent crypto analyst, tweeted about the importance of SOL staying above this range. If the token fails to do so and falls under this level, it may trigger a further decline in its value, putting many investors at risk of losses.
In response, AMBCrypto analyzed Solana’s on-chain data to identify potential price movements. According to Santiment’s data, Solana’s price might continue to drop as trading volume declined over the last week. Despite this trend, Solana’s Social Volume remained high, reflecting its popularity in the crypto market.
Notably, Solana’s Long/Short Ratio registered a positive change, indicating more long positions than short ones in the market, which is viewed as a bullish sign.
Furthermore, Hyblock Capital data suggests that Solana might now fall under the critical trading range. The token’s buy volume reached 86 on December 29th, demonstrating rising buying pressure. This information supports AMBCrypto’s analysis of Solana’s buying activity, as evidenced by a technical indicator.
In conclusion, whether SOL will hold above $180 remains uncertain at this point in time and is subject to further analysis. The market may yet surprise us with unpredictable price movements, making it essential for investors to stay vigilant and up-to-date on the latest news and trends.
Source: ambcrypto.com
