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Will Solana Hold Above $180? Assessing Key Price Movements
Solana’s recent price movement has raised concerns among investors about the token’s potential to sustain its value above the critical level of $180. After a nearly 5% weekly price hike, Solana’s trading volume dipped significantly in the last seven days. This development has led some analysts to predict that the token may be poised for a drop.
One popular crypto analyst, Ali Martinez, has suggested selling Solana if it falls below this critical level of $190-$180. The analyst’s warning highlights the importance of sustaining price levels within this range for the token to avoid further losses.
To assess the potential for Solana to hold above $180, AMBCrypto analyzed on-chain data and a few key technical indicators. According to Santiment’s data, Solana’s trading volume has seen a decline over the last week. This metric typically hints at continued bearish trends. However, we also noticed that Solana’s Social Volume remained high, indicating the token’s ongoing popularity in the market.
While the decline in trading volume may raise concerns about potential losses, other metrics suggest otherwise. Our analysis of Hyblock Capital’s data revealed a surge in buy volume on December 29th, reaching a value of 86. A score closer to 100 would have indicated extremely high buying pressure, which could drive the price up further.
Meanwhile, Solana’s Relative Strength Index (RSI) experienced a slight uptick, suggesting an increase in buying activity. In contrast, its Chaikin Money Flow (CMF) registered a decline, signaling reduced buying power.
The juxtaposition of these indicators makes it difficult to predict with certainty whether or not Solana will hold above the critical $180 level. However, we believe that investors should be cautious and consider selling their SOL positions if the token falls below this mark.
It is too early to make definitive predictions about Solana’s future price movement; only time will tell what the actual outcome will be.
Source: ambcrypto.com
