Technical indicators have shown bearish trends, suggesting the Solana price could continue its downturn in the near term before going up again in the coming months.
SOL has been one of the hardest-hit cryptocurrencies over the past month, declining by 21.54% and falling from roughly $245 30 days ago to $192.5 at the time of writing.
Today, the SOL price has also plunged by 1.80%, following the overall bearish trend in cryptocurrency. The global market cap has dropped by 1.63% in the last 24 hours.
$180–$190 becomes the key support level for Solana
A recent crypto analysis by popular crypto analyst Ali Charts maintained that the price range of $180 to $190 is a critical support level for Solana (SOL). This support could significantly impact its potential growth as we move into 2025.
Previously, from March to November, this range served as strong resistance, preventing Solana from rising. It wasn’t until mid-November that the cryptocurrency broke through this barrier and turned it into a support level.
According to him, this support area was tested and successfully held during a recent market downturn, showing its importance. Since August, Solana has been making higher lows, forming a rising trendline that matches the $180–$190 range. This pattern emphasizes the zone’s importance in maintaining the SOL coin’s upward trend.
It’s crucial for the Solana price to stay above this support zone to continue its upward movement. If it falls below $180 for a sustained period, it could signal a shift toward a downward trend.
2025 SOL price prediction
Solana (SOL) is currently trading for $192.5, showing signs of cautious optimism for 2025. However, it is above the Bollinger Average price of $180.62, which indicates steady momentum.
The upper price limit is $258.68, suggesting strong resistance, while the lower limit, at $102.57, provides essential support if the market declines. The 50-day moving average is $161.06, and the 100-day moving average is $97.98, reinforcing these key support levels for price stability.
Oscillator indicators show a neutral market sentiment, with the RSI at 52.41 and the Commodity Channel Index at 24.05, indicating indecision. However, moving averages show a stronger buying signal, especially on the weekly chart. This matches the current price, which stays well above critical support levels.
Looking forward, breaking the $200 mark is crucial. If positive momentum continues, SOL could reclaim $258 by early 2025. Without major market changes, prices will likely stay within the $180 to $200 range in the short term.
Overall, Solana’s long-term outlook is positive. The potential launch of a SOL ETF could boost its popularity. Bloomberg Senior ETF Analyst Eric Balchunas expects many new crypto exchange-traded products (ETPs) in the U.S.
If this occurs, Solana (SOL) prices might rise significantly by 2025, with estimates between $500 and $1,000 by the end of twenty twenty-five.
Read more: 3 Promising Solana Memecoins to Buy as SOL Aims for a New ATH
