Solana (SOL) Price Prediction for February 18

Solana (SOL), the world’s fifth-largest cryptocurrency by market cap, failed to carry robust and is now poised for a worth drop. The present market sentiment seems bearish, with main belongings experiencing notable declines. SOL has additionally damaged beneath its essential assist stage of $180.

Solana (SOL) Value Motion and Upcoming Degree 

In response to professional technical evaluation, SOL has been gaining assist from this important stage since November 2024 and has examined it a number of instances.

Nevertheless, this time, because the asset fails to maintain, it loses this key stage and closes a day by day candle beneath $180, partially confirming a bearish transfer forward. Based mostly on current worth motion and historic patterns, there’s a robust risk that SOL may witness a 15% worth drop, reaching the $155 stage within the coming days.

$115 Million Price SOL Outflow

Following this notable breakdown, traders and long-term holders have been accumulating SOL tokens, as reported by the on-chain analytics agency Coinglass. Knowledge from spot influx and outflow reveal that exchanges have witnessed a major outflow of $115 million price of the asset, indicating potential accumulation.

On this bearish market pattern, such outflows can create shopping for strain and doubtlessly result in a worth rebound.

Nevertheless, intraday merchants seem like following long-term holders, as they appear to be betting on the lengthy aspect.

$45 Million Price Lengthy Wager

Knowledge reveals that merchants holding lengthy positions are strongly dominating the asset and are over-leveraged at $174.3, with $45 million price of lengthy positions. With such important open positions, this stage acts as a vital assist.

Conversely, $180 is one other key stage the place merchants holding quick positions are over-leveraged, with $15.50 million price of quick positions. This means that quick sellers are exhausted, which may assist bulls reclaim the misplaced assist stage.

Present Value Momentum

SOL is presently buying and selling close to $177 and has skilled a 6% worth drop previously 24 hours. Throughout the identical interval, its buying and selling quantity surged by 110%, indicating heightened participation from merchants and traders amid the worth decline.