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CoinGape 2025-01-13 07:55:49

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

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

Solana price dropped below the critical $200 level, continuing a downward trend in today’s trading. After beginning the year 2025 hovering above the $220 level, SOL now faces significant pressure. This decline accompanies other crypto market with BTC struggling to maintain its support level, currently just under $95,000. Questions are whether Solana will stabilize at $214, or is it destined to fall further to $183. Predicting Solana Price: Major Move Up to $214 or Down to $183? Crypto analyst Ali points out that Solana is currently experiencing a consolidation pattern, shaped like a symmetrical triangle on the trading charts. According to the analyst, a decisive move either above $214 or below $183 could potentially trigger a price shift of around 40%. The technical analysis reveals that the cryptocurrency’s price action is tightening, signaling that a significant move may be imminent as it nears the apex of the triangle. Traders and investors are closely watching these levels as a breakout or breakdown could lead to substantial price changes. Source: Tweet SOL Price Analysis Solana Price continues to experience market corrections, despite the excitement surrounding the recent SOL ETF approval. The cryptocurrency market struggles to maintain a steady upward trajectory. Currently, the price of Solana is hovering within the $180 to $200 range, signaling a lack of clear direction as the market reacts to broader negative influences. As of Monday 13th, the SOL price hovered at $182, with a 2% decrease in the past 24-hours and a weekly dip of 15%.The Relative Strenght Index on the 4-hours chart is at 32, nearing the oversold region. While Solana has established solid support above $180, preventing further declines amidst a general market pullback. If the price breaks above $200, it could target the $214 mark, suggesting potential for a bullish trend continuation up to $220. On the other side, if it dips below $180, the Solana price forecast could face further drops, with $170 emerging as the next critical support level. Solana Price Chart: TradingView According to Coinglass data, the trading volume for Solana’s derivatives has surged by 26% to reach $4.86 billion. However, the open interest in these derivatives has declined slightly by 1.67%, now standing at $6.10 billion. This indicates a significant increase in trading activity even as overall positions have modestly decreased. Source: Coinglass The Solana price dynamics currently present a critical juncture, hovering within a narrow range between potential breakouts and breakdowns. Traders are monitoring these thresholds closely as movements beyond these points could dictate short-term market sentiment and directional trends. The post Solana Price Nears Critical Zone: $214 or $183 Next? appeared first on CoinGape .

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