Solana
Solana Faces Mixed On-Chain Measures Amid Crucial $160 Level: Here’s What’s Next for SOL Price
Over the past few weeks, Solana (SOL) has attracted significant attention as its price continues to consolidate around crucial support lines. This consolidation follows Bitcoin’s latest struggle to validate a clear trend above the psychological $70,000 mark. Amid the overall stable market sentiment, Solana saw a change in mood in key on-chain indicators, creating the possibility of a significant move in the coming hours.
Solana sees an increase in the number of new addresses
The market is currently witnessing a tug-of-war between buyers and sellers trying to establish a clear price trend for Solana (SOL), which is currently trading around a consolidated range of $160. As sellers gain the upper hand, large liquidations increase.
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Recent data from Coinglass shows that Solana has seen total liquidations close to $2.7 million. Of that amount, buyers faced liquidations of approximately $2 million, while sellers faced liquidations totaling approximately $680,000.
According to data from IntoTheBlock, Solana has seen a notable increase in new addresses over the past seven days. The numbers show a significant rise from 956,000 to a new high of 980,000. Although the metric recently hit 1 million addresses, it has fallen from that peak due to low buyer confidence. However, this increase in new addresses indicates growing interest and investment in Solana, contributing to bullish market sentiment.
There are signs that whales may start to accumulate, which could push Solana price higher before a strong rally is confirmed. Solana and the market are expected to rise, especially given the positive outlook following last week’s consolidation.
According to data from IntoTheBlock, the value transferred on-chain is declining. Over the past seven days, the metric has fallen from $159 billion to $136 billion, suggesting a decline in SOL investments. This could provide strong resistance to any buying pressure.
What’s next for the SOL price?
Solana reached its 20-day exponential moving average (EMA) at $162 on the 4-hour chart, which is likely to serve as an important resistance point. Buyers have been piling in aggressively in recent hours; however, sellers are strongly defending an increase. This led to consolidation in the price chart. Currently, SOL is trading at $162, up over 0.2% in the last 24 hours.
If price breaks above the moving averages and $162, it signals a potential resurgence of the bulls. In this scenario, the SOL/USDT pair could target a rally towards the next major resistance at the descending resistance line. If the price breaks this level, we could see a rise towards $192.
Conversely, if the price is falling relative to the moving averages, this suggests increasing negative sentiment among traders selling during price increases. This could push the price towards the strong $130-$140 support zone. A break below this threshold could lead to a further decline to $100.