Can Solana maintain above $180? Evaluate critical price action

Solana [SOL] experienced a slight pullback in the past 24 hours, like several other cryptocurrencies. However, a recent analysis shows that it is crucial for the token to hover within a specific range to maintain its price.

Can SOL do this, or is it possible that SOL will witness a loss of market value by the end of 2024?

Key levels of Solana!

After a nearly 5% increase in weekly price, the value of the token has dropped in the past 24 hours. At the time of writing, the trading price of SOL is $193, with a market cap of over $92 billion.

Popular crypto analyst Ali Martinez tweeted about an interesting development. Martinez mentioned that it is crucial for the token to maintain its price range between $190 and $180.

If it falls below this level, the token price may further decline, which could lead to many investors incurring losses.

Subsequently, AMBCrypto checked the on-chain data of Solana to determine if SOL could potentially fall below this range in the short term.

What's wrong with SOL?

Based on our analysis of Santiment data, with the decrease in trading volume over the past week, the price of SOL may continue to decline. The decrease in this indicator implies a continued bearish trend.

However, the social volume of Solana is still very high, reflecting the popularity of the token in the cryptocurrency market.

Despite the decrease in trading volume, the long/short ratio of SOL has increased. This means that there are more long positions than short positions in the market, which can be seen as a bullish update.

AMBCrypto's analysis of Hyblock Capital data reveals another bullish indicator, indicating that Solana may now fall below the key trading range.