Solana price traded near $85.88, holding within a tight consolidation range. Data from CoinMarketCap shows a 1.39% daily increase amid declining volatility conditions.
According to Daan Crypto Trades, Solana has remained within a 10% range for three months. He noted that such prolonged compression often precedes a major breakout move.
Solana Price Analysis Shows Range-Bound Structure
He said that the compression of the price should lead to a significant price move very soon. The analyst further explained that depending on which side of the compression breaks first will determine the direction of the next price move.
He also indicated that if a breakout occurs and does not fade, a strong move could follow.
He expects a minimum price movement of 20% to 30% after the breakout from this compression area.
This perspective illustrates the possibility of a future Solana breakout when the current compression structure is resolved.
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Neutral Trend Continues
On TradingView, the Solana price is currently trading between major support and resistance areas, with a well-defined horizontal range forming just under $80 to $90. Looking at the most recent candles on TradingView’s chart data, the price repeatedly rejected resistance and then stabilized above its support.
This Solana price analysis demonstrates that the price is still consolidating without confirmation of a breakout. On TradingView, two different EMAs (20 and 50) are positioned relatively close to the current price.
This illustrates little to no short-term momentum and continued consolidation. Additionally, the 200 EMA is positioned much higher than the current price ($112), illustrating long-term bearish pressure.
Since the price is trading below the 200 EMA, it also signals that there is a larger picture bearish structure developing. On the daily timeframe, RSI is sitting near 53, indicating neutral market conditions.
Furthermore, MACD on the daily timeframe remains flat and indicates weak momentum with no clear short-term directional bias. The volume data does not show large spikes, which supports that the SOL price is still in the middle of a compression phase.
Derivative Data Indicates Continued Positioning Activity
According to CoinGlass, futures volume fell by roughly 37.88% over 24 hours. At the same time, open interest rose by about 3.87%. This suggests that traders continue to take positions even though overall futures volume decreased.
Average funding rates across all exchanges remain relatively low at 0.0067%. According to CoinGlass data, total Solana liquidations were approximately $2.23 million over a 24-hour period.
Additionally, short liquidation accounts for approximately $1.84 million during this timeframe, and long liquidation accounts for approximately $386,948. The majority of exchange-based liquidations came from Binance and ByBit.
Key Areas To Be Aware
Major resistance is located in the vicinity of $90 to $92 based on recent price movements. Major support is located in the vicinity of $80, where the price has stabilized.
A confirmed breakout above resistance may result in quick price expansions. As Daan Crypto Trades mentioned earlier, it will be interesting to see which side breaks first in order to determine the direction of the next price move.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read | Solana (SOL) Strong Onchain Growth Signals an Imminent Breakout Ahead
