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Will Solana Hold Above $180? Assessing Key Price Movements
Solana’s trading volume took a sharp dip in the last seven days, with a key technical indicator hinting at a potential price drop. The cryptocurrency, which has recently witnessed a slight correction, is crucial for it to hold within a specific range to maintain its value.
As Solana [SOL] traded at $193, with a market capitalization of over $92 billion, a well-known crypto analyst warned that the token’s price might continue to drop if it fails to sustain itself within the $190-$180 range.
Is SOL Falling Under This Level Possible?
Our analysis of Santiment’s data reveals that Solana’s trading volume declined significantly in the last week. A decrease in this metric often suggests a continued bearish trend. Nevertheless, Solana’s Social Volume remained high, indicating the token’s ongoing popularity within the crypto market.
Further insights from Hyblock Capital indicated that there were more long positions opened than short ones, which is considered a bullish update. This raises questions regarding whether SOL will fall under $180 in the near-term.
Can the Token Hold Above this Level?
While the data suggests that Solana’s buying pressure is increasing, as seen by its buy volume reaching 86 on December 29th, it remains to be seen if this momentum can sustain itself long enough for SOL to stay above the critical range.
Source: ambcrypto.com
