Solana (SOL) is currently trading around critical levels after peaking at $184, facing challenges in maintaining support above the $170 mark. This price area is emerging as a crucial battleground. Bulls are aiming to extend the rally, while some analysts are suggesting a potential retracement.
New data from Glassnode indicates a possible trend reversal for Solana. SOL's 30-day capital inflows have turned positive after months of outflows. The inflows are growing at a rate of 4-5%, similar to XRP, suggesting renewed demand.
Solana's ability to remain above $170 will be key in determining its short-term direction. Holding this level could lead to new highs. A breakdown could trigger a deeper retracement.
This article is based on our author's analysis of materials taken from Glassnode.