Solana 
$89 (SOL) has been impacted by a general downturn in the cryptocurrency market, slipping below a critical support level. The $180 level had served as a robust support since November 2024. However, the breach of this level could indicate negative prospects for SOL. Recent price movements suggest a potential for further depreciation of this altcoin.
Solana Loses Key Support Level
In recent months, Solana established a strong support at $180. However, falling below this level has intensified selling pressure. Technical analysts interpret daily closes beneath $180 as a bearish signal. Recent data indicates that Solana has tested this level multiple times but failed to hold it this time. Historical data show that such breakouts often lead to significant declines, prompting experts to predict a potential drop of around 15%, bringing SOL to approximately $155.
Conversely, on-chain data reveals that a significant amount of SOL is being purchased by investors. According to Coinglass, there has been an outflow of Solana worth $115 million from exchanges. Such substantial outflows typically indicate accumulation by long-term investors, which could positively impact prices. However, due to overall market sentiment trending downward, prices are expected to remain under pressure in the short term.
SOL Price Declines but Trading Volume Rises
In the past 24 hours, Solana’s value has decreased by 6%, falling to $177. During this period, trading volume surged by 110%, indicating heightened market interest. Significant price fluctuations have prompted investors to become more actively engaged.
Analysts note that price movements are largely dependent on investor behavior. Particularly, the buying patterns of long-term investors and the bullish positions of short-term traders could drive the price upward again. However, if the downtrend persists, the $155 level will be closely monitored as a critical support point.
