Solana Faces Pivotal Support Test: Is a Price Reversal Imminent?
- Solana is trading lower, but its trading volume has surged, indicating strong market interest.
- Despite a 10.15% drop in price over the past week, increasing trading volume signals active market interest.
- A bounce from the current support level could push the price back to $187–$198, suggesting recovery.
Solana (SOL) is showing a drop of 0.03% in the last 24 hours and is currently trading at $184. The trading volume also rose by 41.9%, and it is currently standing at $8 billion. The market is highly interested even after experiencing a decline in price within the last few hours.
Source: CoinMarketCap
Over the past week, SOL has fallen by 10.15%. However, the increase in the trading volume is a sign of the investor participation. The increase in volume indicates that the market is still active and suggests the potential for a rebound in the near future.
Solana Reaches Key Support Level and Faces Critical Test
Crypto analyst BullishBanter highlighted that Solana is at a key support level, and this is a turning point for the coin. SOL is stabilizing at the lower trendline, the equal lows, and that is a major defense position among the bulls. Such levels are critical to the short-term action of the coin, and failure to resist will cause further falls.
Source: X
A rebound of this support should reduce Solana to between $187 and $198. When the support remains intact, there is a possibility of a recovery being achieved. The traders are observing the situation closely, and the next move will also determine whether Solana can recover or face a decline.
Furthermore, another analyst, BitGuru, mentioned that Solana is in its downtrend, but it is performing well at over 180 support. There are indicators of buyers intervening, and this is likely to cause the reversal. As long as SOL breaks above $195, it could move forward to the levels of $210-$220, meaning that the short-term trend will shift positively.
Source: X
Also Read: SUI Price Prediction 2025–2031: SUI Could Skyrocket Toward $57 by 2031
Trading Volume and Open Interest Show Strong Market Activity
CoinGlass data show an increase in trading volume from 39.17% to $25.07 billion. The open interest rose by 0.24% to $8.88 billion. SOL OI-Weighted Funding rate is at -0.0037%, thus indicating that the market is active. These numbers indicate that despite the volatility, Solana remains in the spotlight among traders.
Source: CoinGlass
The total liquidation in SOL was $24.26 million in the last 24 hours. There was a long positioning of $15.14 million and a short positioning of $9.12 million. The liquidations are not only a present market frenzy but also reflective of vast quantities of trading as the investors realign themselves.
Source: CoinGlass
Solana is approaching a juncture at this support level, and the market is intensely tracking its performance. With the surge of activity in the trade, everybody is betting on whether the price will be able to hold at current levels or soar to new heights. Investors are waiting to see what will come next in the price trend of Solana.
Also Read: Solana Price Eyes $400 Rally After Hitting 5-Year Trendline Support
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