Solana on the Edge: Can the $180 Level Hold?
If Solana falls below $180, it is advisable to sell.
Similar to many cryptocurrencies, Solana [SOL] has experienced a slight decline in the past 24 hours. However, the latest analysis indicates that the token's movement within a specific range is crucial for maintaining its price.
After a nearly 5% increase in price over the past week, the SOL token has turned down in the last 24 hours. At the time of writing, its trading price is $193, with a market cap exceeding $92 billion.
For this token, stabilizing the price in the $190 to $180 range is extremely critical. Once it falls below this range, the price may further decline, leading to potential losses for many investors.
The SOL price may continue to fall due to a decrease in trading volume over the past week; this drop in volume indicates a continuation of the bearish trend.
However, Solana's social volume remains quite high, showcasing its popularity in the cryptocurrency market.
Although trading volume has decreased, the long/short ratio of SOL has actually increased, indicating that there are more long positions than short positions in the market, which is a positive sign.
Data analysis has also uncovered another bullish indicator, suggesting that Solana may not break below the key trading range at this time.
On December 29, the token's purchase volume reached 86, close to 100, indicating significant buying pressure, which has a positive effect on asset prices.
