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Solana (SOL) Price Prediction for February 18
As the cryptocurrency market continues to experience significant declines, the Solana (SOL) token is no exception. Following a failed attempt to hold its crucial support level of $180, SOL’s price action indicates a strong possibility of a 15% price drop in the coming days.
The current price momentum suggests that SOL has been experiencing a 6% price drop over the past 24 hours, with an astonishing surge in trading volume by 110%. This heightened participation from traders and investors amid the price decline may lead to a buying pressure in the short term, potentially creating a rebound opportunity for long-term holders.
In addition to this negative market sentiment, SOL has broken its crucial support level of $180, partially confirming a bearish move ahead. Historical patterns and recent price action suggest that SOL could fall as low as $155 in the coming days.
Meanwhile, investor behavior is also revealing a potential accumulation phase. According to Coinglass data, exchanges have seen an outflow of $115 million worth of SOL tokens, indicating investors and long-term holders accumulating the asset amidst this bearish trend. This buying pressure may provide support for the token’s price in the short term.
However, it’s essential to consider that traders are heavily committed to holding long positions at $174.3, with a significant $45 million worth of long positions. This could lead to increased selling pressure as they attempt to mitigate their losses, which would counterbalance any potential buying pressure created by accumulation.
Furthermore, the on-chain analytics firm Coinglass has also reported that short sellers are exhausted, with an alarming $15.50 million worth of short positions at $180. This level serves as a crucial support for traders holding long positions and may prevent SOL from falling below this mark in the short term.
Overall, while there is some potential for a rebound due to accumulation and exhaustion of short sellers, it appears that the market sentiment remains bearish, resulting in our prediction of a 15% price drop for Solana (SOL) by February 18.
Source: coinpedia.org
