Solana Price Nears Critical Zone: $214 or $183 Next?

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In simple terms, the price of Solana (SOL) has dropped below the crucial $200 mark and is showing a downward trend in current trading, following a start to the year 2025 above the $220 mark. However, SOL is now experiencing notable pressure. This drop coincides with other cryptocurrencies, as Bitcoin (BTC) is finding it difficult to hold its support level, which is currently around $95,000. The question remains whether Solana will find stability at $214 or if it might fall even lower to $183.

Predicting Solana Price: Major Move Up to $214 or Down to $183?

crypto expert Ali notes that at the moment, Solana appears to be following a consolidation trend, which resembles a symmetrical triangle on its price graphs.

Based on the expert’s assessment, a definitive leap either above $214 or below $183 might cause a roughly 40% price fluctuation. Technical analysis indicates that the cryptocurrency’s price pattern is becoming more compact, suggesting a major shift could be imminent as it approaches the top of the triangle. Traders and investors are keeping a close eye on these thresholds, as a breakthrough or breakdown could bring about considerable price variations.

SOL Price Analysis

Despite the buzz generated by the recent approval of the SOL ETF, Solana’s price still undergoes market adjustments, and the overall crypto market finds it challenging to sustain a consistent uptrend.

At present, Solana’s price is fluctuating between approximately $180 and $200, indicating uncertainty as the market adjusts to broader unfavorable factors. As of Monday 13th, the SOL price stood at around $182, marking a 2% decrease over the past day and a 15% decline in the last week. Additionally, the 4-hour Relative Strength Index is close to the oversold zone, currently at 32.

Currently, Solana has built strong resistance at around $180, which is helping to stem any further losses during a broader market downturn. If the price surpasses $200, it might aim for $214, hinting at the possibility of an ongoing bullish trend reaching up to $220.

If the Solana price falls below $180, there might be additional decreases in its forecasted value, and $170 could become a crucial level of support.

Based on data from Coinglass, the trading volume for Solana’s derivative products has jumped by 26% to hit $4.86 billion. Concurrently, the open interest in these derivatives has dropped by about 1.67%, now at $6.10 billion. This suggests a substantial rise in trading activity, despite a modest decrease in the number of overall positions held.

Right now, the price of Solana is at a crucial point, moving between possibilities for strong upward or downward shifts. Investors are keeping a close eye on these key levels since significant price actions beyond them might influence the short-term market mood and trend patterns.

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2025-01-13 10:57