Solana Holds Above $150 Amid Mixed On-Chain Metrics: Here’s The Next Price Level For SOL
Recently, Solana (SOL) has attracted considerable interest as its price has consistently recovered from previous lows. This positive trend followed Bitcoin’s recovery toward the $66,000 mark. Despite this bullish market sentiment, Solana has experienced a decline in its crucial on-chain metrics. However, several metrics continue to build strong buying demand for Solana, creating a mixed sentiment in the market.
New SOL Addresses Decline By Several Thousands
Currently, the market is experiencing a battle between buyers and sellers as they both try to set a clear price trend for Solana (SOL), which is currently trading within a range-bound ascending channel. As buyers are now gaining advantage, there’s a rise in significant liquidations.
Recent figures from Coinglass reveal that Solana have seen total liquidations close to $6.8 million. Of this total, buyers have faced liquidations amounting to about $2.5 million, whereas sellers have experienced liquidations totalling around $4.3 million.
What’s Next For SOL Price???
If the price advances past the moving averages and $162, it signals a potential comeback by the bulls. In this scenario, the SOL/USDT pair may aim for a rally towards the next major resistance at $192.
If the price declines from the moving averages, it indicates surging negative sentiment and that traders are selling during price rallies. This could lead the price to drop towards the solid support level at $126. If it breaks below this threshold, there could be a further decline to $100.
