What to know:
- Solana is currently trading at $86.27 with a loss of 3.15% in the past 24 hours. The market capitalization of Solana stands at $49.37 billion.
- More than 100 million $SOL tokens have been traded between $91.45 and $82.60, which has been identified as the critical demand zone.
- A breach below $82 could result in Solana trading at $60-$65, which corresponds to the 78.6% Fibonacci retracement.
Solana (SOL) is facing downward pressure as the market tests the critical demand zone, indicating potential volatility in the market in the coming days. The SOL market has been closely observing the $82-$91 range, where traders are hoping to see support in the market.
Currently, Solana is trading at $86.27, reflecting a 3.15% drop over the past 24 hours. The market capitalization of SOL stands at $49.37 billion with a daily trading volume of $6.26 billion, making Solana hold a market dominance of 2.10%.
Solana Demand Zone Spotted Clearly
Crypto analyst Ali Marteniz stated that more than 100 million SOL have been traded between $91.45 and $82.60, which has been identified as the critical demand zone.
Analyst also pointed out critical support levels below this range at $53.10, $35.40, and $23.60. Traders are expected to focus on these levels, as they might be critical points of interest for traders looking for buy signals in case SOL’s price drops further.
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Solana Corrective Phase Persists, Targets $60-$65
The technical sentiment for SOL has turned bearish, with several traders and experts indicating further downside risks for SOL in the coming weeks. According to these technical setups, SOL is expected to drop further to the $60-$65 zone, which corresponds with a deeper retracement and accumulation zone.
The zone has also been identified as a retracement zone where SOL is likely to accumulate before resuming its uptrend. The zone is also identified as a 78.6% Fibonacci retracement level from key swing highs and swing lows on SOL’s chart.
Despite the short-term fluctuations in Solana’s prices, the $82-$91 zone is critical in understanding SOL’s short-term movements.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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