• Solana’s trading volume dipped sharply in the last seven days. 
• A key technical indicator hinted at a price drop soon.

Solana [SOL] has witnessed a slight correction in the last 24 hours, like several other cryptos. However, a recent analysis revealed that it’s crucial for the token to hover within a particular range in order to hold its price.

Will SOL be able to do so, or the ending of 2024 might witness SOL losing market capitalization? 

Solana’s crucial level!

After a nearly 5% weekly price hike, the token’s value dropped in the last 24 hours. At the time of writing, SOL was trading at $193 with a market capitalization of over $92 billion.

Ali Martinez, a popular crypto analyst, posted a tweet revealing an interesting development. Martinez mentioned that it is crucial for the token to sustain its price with the $190-$180 range.

In case of a plummet under that level, the token might witness a further price down, which can push many investors in loss.

AMBCrypto then checked Solana’s on-chain data to find out whether SOL falling under this range is possible in the near-term. 

What’s going on with SOL?

As per our analysis of Santiment’s data, SOL’s price might continue to drop as its trading volume declined over the last week. A drop in the metric hints at a continued bearish trend.

Nonetheless, Solana’s Social Volume remained high, which reflected the token’s popularity in the crypto market. 

Despite the declining volume, SOL’s Long/Short Ratio registered an uptick. This meant that there we

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Author: Dipayan Mitra