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Will Solana Price Hold $152 or Is $179 Still in Play?
Solana’s price has taken a drastic 4.66% plunge over the past day, with the token now trading at $159.74. This sudden dip is attributed to the widespread liquidations triggered by Bitcoin whale activity and ETF-related volatility concerns.
However, amidst this market-wide sell-off, Solana’s daily active addresses continue to exhibit strong growth, currently standing at approximately 16.93 million. This uptick in user activity suggests that the network remains robust, despite the short-term price pressure.
In light of this contradictory information, we must re-examine the technical and on-chain signals that forecast a potential outcome for Solana’s future price movement.
Currently, SOL faces an immediate resistance at the $165-$168 range. This zone coincides with the 24-hour high of $168.34 and the upper Bollinger Band. Notably, multiple rejections from this level could indicate a critical barrier that bulls must reclaim to initiate a new uptrend.
A successful breakout above this resistance could catapult SOL price toward the $179.77 mark.
On the other hand, if Solana’s price fails to sustain support above the $158 level, it may precipitate a further decline toward the $152.5 zone, which represents a key psychological and technical support.
In conclusion, while market conditions have instigated short-term losses for SOL holders, this downturn might merely be a liquidity-driven correction rather than a fundamental bearish indication.
Source: coinpedia.org
