Given the strength of this recent bearish move, market expectations are tilting towards a continuation of the downturn over the next few weeks. With this in mind, below are some of the critical Solana price levels to watch in the near term.
On-Chain Data Shows SOL’s Next Support Level Lies Around $53Using this on-chain data, the URPD indicator maps out price zones with significant investor activity (where many investors have their cost basis). Because of significant investor activity in the region, these cost basis levels typically act as support and resistance for the cryptocurrency’s price (in this case, Solana).
The mechanics behind this are that investors tend to act in the market when an asset’s price returns to their cost basis.
In his post on X, Martinez highlighted that the Solana price just lost a significant support cushion around $77. The market analyst then identified $53 as the next crucial price support for the altcoin, with barely any cushion between SOL’s current price and this immediate floor.
In the event that the Solana price falls and loses the $53 support, the next critical levels lie around $35 and $24. While it would take severe further capitulation for the price of SOL to fall towards these identified levels, the return of demand in the spot market is necessary for any recovery to begin.
Solana Price At A GlanceAs of this writing, the price of SOL stands at around $63.23, with a nearly 8% downslide in the past 24 hours.
