Solana (left) lost 20 %after closing it at $ 252.42 on January 19 and entered the downward trend. However, the first spot entrance wave recorded in February attracted the attention of investors again and raised the possibility of recovering. This development supports Solana’s struggle to hold above $ 200.
Bulls returned to the field in Solana
According to Coings data, Solana’s spot market entries reached $ 16 million on Monday. This stands out as the first wave wave in the last 10 days. Spot inputs often indicate investor trust or a positive change in market sensitivity. This shows that investors are willing to get to fading from the current market price.
In addition, Solana’s Balance of Power (BOP) indicator confirms the increase in purchase print. The BOP value is 0.23, which shows that recipients seize control and the probability of the price to move upward increases. The BOP measures the power of buyers and sellers within a certain period. A positive BOP indicates that recipients dominate the market and the potential price increase.
However, Spot is of great importance whether these entries in the market will continue. If buyers continue to enter the market with higher volumes, the recovery in Solana may accelerate. However, in a case, the price is likely to test the support levels again.
Price Estimation: This support level is critical
In the daily graph, solana tests the lower limit of the rising parallel channel, which has been traded for several months. Protection of this support level can strengthen bull momentum and maintain the current rise trend. If solana manages to hold above this level, it can increase its price to $ 258.66 by attracting more purchase interest.
However, a break below this support level may weaken the momentum and may cause the price to decline to $ 113.88. Price movements at these levels can give important signals for traders. Investors need to closely monitor these signs of recovery and critical support levels in Solana. Developments in the coming days will play a key role in determining Solana’s direction. If the increase in spot volumes continues, the left may have a chance to rise further. Otherwise, sales pressure may gain strength again.
