Solana (SOL) Price: Bulls Defend Key Support – Watch These Levels

TLDR

• Solana is trading at $184 after dropping 10.15% over the past week, but trading volume increased by 42% to $8 billion
• The price is testing a key support level at $180, which analysts say is critical for determining the next move
• Multiple attempts to break above the 200 EMA resistance level have failed, confirming selling pressure
• If the $180 support holds, analysts predict a potential recovery to $187-$198, or even $210-$220 if it breaks $195
• Open interest rose to $8.88 billion and total liquidations reached $24.26 million in the last 24 hours

Solana is currently trading at $184 after experiencing a 0.03% decline in the last 24 hours. The cryptocurrency has fallen 10.15% over the past week.

Despite the price decline, trading volume has increased by 41.9% to reach $8 billion. This surge in volume suggests strong market interest and active participation from investors.

The increase in trading volume during a price decline can indicate that traders are actively buying and selling. This activity suggests the market remains engaged with Solana despite recent losses.

Data from CoinGlass shows trading volume increased by 39.17% to $25.07 billion. Open interest also rose by 0.24% to $8.88 billion.

Testing Critical Support Levels

Crypto analyst BullishBanter identified that Solana is currently at a key support level. The cryptocurrency is stabilizing at its lower trendline at equal lows, which represents a major defense position for buyers.

This support level is critical for determining Solana’s short-term price action. If the level fails to hold, further declines could follow.

If Solana bounces from the current support, analysts predict the price could move back to the $187-$198 range. This would represent a recovery from current levels.

Another analyst, BitGuru, noted that while Solana is in a downtrend, it is holding well above $180 support. There are signs that buyers are stepping in at this level.

If Solana breaks above $195, it could advance to the $210-$220 range. This would indicate a shift in the short-term trend.

Resistance at 200 EMA

Solana continues to trade below the 200 Exponential Moving Average. This technical level has become a key resistance zone for the cryptocurrency.

Multiple attempts to break above the 200 EMA have failed. Each rejection has been followed by selling pressure, confirming that sellers remain in control.

The 200 EMA aligns with the psychological resistance zone near $200. This convergence makes it a major technical barrier for upward movement.

As long as Solana remains below the 200 EMA, the probability of visiting lower support levels increases. The next major support sits at $145.

The $145 level represents a prior swing low and an important structural demand zone. If current support at $180 fails, this would be the next target for traders.

Market Activity and Liquidations

Total liquidations in Solana reached $24.26 million in the last 24 hours. Long positions accounted for $15.14 million of this total, while short positions made up $9.12 million.

These liquidations reflect active trading as investors adjust their positions. The SOL OI-Weighted Funding rate stands at -0.0037%, indicating continued market activity.

The broader market structure for Solana remains bearish. Lower highs have formed consecutively since the rejection at the $200 region.

Until Solana produces a decisive daily close above the 200 EMA with strong volume, any upward moves are likely to be temporary corrections. Traders are watching closely to see if the $180 support level holds or breaks in the coming days.

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