Can Solana maintain above $180? Assessing key price trends

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Solana (SOL) has experienced a slight pullback in the past 24 hours, but as the price fluctuates, the future trajectory of the token remains uncertain. Some analysts believe that maintaining SOL within a specific price range is crucial for its long-term market performance.

Key Support Level for Solana

Although SOL's price has risen nearly 5% over the past week, it has seen a slight decline in the past 24 hours. According to current data, SOL is trading at $193, with a market cap exceeding $92 billion. Well-known cryptocurrency analyst Ali Martinez points out that Solana must maintain its price within the range of $190 to $180. If SOL falls below this level, it could lead to further declines and result in losses for many investors.

Market Performance of Solana

According to data from Santiment, the trading volume of SOL has decreased over the past week, suggesting that market sentiment may still be bearish. A decline in trading volume is often associated with market uncertainty or bearish trends, which may indicate that SOL could break key price support in the short term.

However, despite the decline in trading volume, Solana's social volume remains high, indicating that its popularity in the cryptocurrency market is still strong. Additionally, Solana's long/short ratio has increased, meaning that the proportion of long positions in the market exceeds that of short positions, which is a positive signal for the token.

Bullish Indicators and Support Points

According to data from Hyblock Capital, on December 29, Solana's buying volume reached 86, close to the level of 100, indicating significant buying pressure in the market. This high buying volume usually has a positive impact on prices, helping to keep them stable.

Furthermore, Solana's Relative Strength Index (RSI) has slightly increased, showing a rise in buying activity, further confirming the strengthening of buying power. An increase in RSI typically indicates that market sentiment is leaning bullish and may drive SOL prices higher.

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