- Solana’s price is consolidating between $184 and $193, with a current price of $183.
- Analyst Ali Martinez predicts a 40% move, with potential targets of $299 or $109.
- Bearish sentiment dominates, with strong short positions and technical indicators pointing to downward pressure.
After reaching a local high of $223, Solana—SOL, has struggled to maintain an upward trend. The altcoin has been stuck in a narrow range between $184 and $193 for the past four days. As of now, Solana is priced at $183, reflecting a 1.42% drop on daily charts. With losses on both weekly and monthly charts, the big question remains: will Solana surge to $299, or will the price drop to $109?
Market Sentiment: Bearish or Bullish?
Crypto analyst Ali Martinez has suggested a possible 40% price move for Solana, based on the formation of a symmetrical triangle. This pattern reveals indecision in the market, with the price showing lower highs and higher lows. Both buyers and sellers are battling for control, yet neither has managed to dominate.
Martinez believes that a breakout will likely occur before the price hits the triangle’s apex, accompanied by a spike in trading volume. According to him, a bullish breakout could push Solana toward $299, while a decline below $183 might send the price to $109.
Technical Indicators Signal Downward Pressure
The outlook for Solana appears largely bearish, with market sentiment remaining negative. Over the past few days, the prevailing sentiment has turned sharply negative. Solana’s Directional Movement Index adds to the bearish case, with +DI dropping to 13 and the ADX rising to 23, signaling growing downward pressure.
Currently, more traders are taking short positions, with 52% expecting a decline in price compared to 48% betting on a rise. This heavy short interest shows that most investors are leaning toward further losses, increasing the likelihood that Solana will break below $183.
If the price does dip below this key level, support might be found around $175. However, if SOL’s price rises above $193, a return to the $220 resistance level becomes possible. For now, experts believe SOL is gaining momentum for a breakout.
