Bittime -  Solana (SOL), one of the most popular altcoins in the crypto market, has recently faced significant price fluctuations. Despite a price drop in the last 24 hours, this token still has the potential to experience a significant increase if it can maintain an important support level. Amid this volatility, many investors and traders are wondering, what will happen to Solana's price today and in the near future?

Can Solana (SOL) Surge to $220?

According to technical predictions and market analysis, Solana (SOL) price could surge up to 22% towards $220 if it manages to stay above the $175 support level. In the last 24 hours, the SOL price experienced a significant decline, but still managed to maintain this important support level. This gives hope that the SOL price will recover and possibly reach a higher target.

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Price Drops and Their Impact

On January 13, 2025, a crypto whale (large asset holder) sold 122,620 SOL tokens worth $21.75 million on the Kraken exchange. This large sale caused the price of SOL to fall below the support level of $175, even approaching the level of $168. Even though this caused market sentiment to change and many thought that SOL would continue to fall, Solana's price finally managed to recover and was back above the critical support level.

Positive Technical Indicators

Despite the price decline, several technical indicators point to a potential price recovery for Solana. One of them is the Relative Strength Index (RSI) which is approaching the oversold area, indicating that the SOL price may have been discounted deep enough and has the potential to rise again. Apart from that, Solana is also still staying on top 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the bullish trend could still persist if the price remains above the $175 support level.

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Important Levels to Pay Attention to

• Level Support: $175 is the key support level that Solana needs to defend. If the price manages to stay above this level, there is a chance that the SOL price will rise towards $220.
• Level Target: If Solana manages to close the hourly candle above $193, it is likely that the price will continue its rise towards $207, or even higher.

Market Sentiment and Trading Volume

Currently, Solana is trading around $183.3 and has seen a decline of more than 2.5% in the last 24 hours. However, SOL trading volume saw a significant spike of 240%, indicating increased participation from traders and investors. This is likely triggered by the price of SOL which is considered cheap, providing an opportunity for those who want to buy at a discount.

FAQ 

Will Solana price increase in the near future?

If Solana manages to stay above the $175 support level, there is a high possibility that the SOL price will see a rise to $220 in the near future, considering the technical indicators that support price recovery.

What caused the SOL price to drop recently?

The decline in SOL prices was largely due to a massive selloff from crypto whales who sold over 122,000 SOL tokens worth nearly $22 million on the Kraken exchange, disrupting market sentiment.

How to know whether the SOL price will rise or fall?

To understand SOL price movements, pay attention to the main support level at $175 and technical indicators such as RSI and 200 EMA. If the price stays above this level, there is potential for the price to move up.

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Reference

Coinpedia Solana (SOL) Price Prediction For January 14, accessed January 14, 2025.

Author: MF