As Bitcoin (BTC) hovers just below a key support level of $92k, the broader cryptocurrency market is facing increased volatility, and Solana (SOL) is feeling the pressure. The large-cap altcoin, with a fully diluted valuation of about $112 billion and a daily trading volume of $4.6 billion, has dropped over 12% in the past four days. On Friday, January 10, during the mid-European session, SOL was trading around $191.
This price drop has resulted in substantial liquidations, with nearly $20 million lost from Solana’s leveraged market, primarily affecting long traders. In addition, Solana’s Futures Open Interest (OI) decreased by about 2% in the past 24 hours, now sitting at approximately $5.79 billion.
On-chain data suggests that a major Solana whale has been active recently, unstaking and transferring coins to Binance. In the past 24 hours, this whale unstaked 245,921 SOL and deposited 246,064 SOL into Binance, potentially taking profits after the rally in 2024.
The Solana network continues to be largely driven by investors looking to earn passive income through staking. According to Solanacompass, there are 1,238,071 active stakers with a total of 393,252,393 SOL staked, worth around $75 billion.
After a strong breakout in November 2024, driven by Donald Trump’s victory, Solana has been consolidating and is now testing important support levels. On the daily chart, the price is nearing a critical support level around $180. If this level doesn’t hold, it could lead to a further decline toward the $120 to $150 range, making the next few days vital for Solana’s short-term outlook.
Amidst the market’s uncertainty, Solana’s resilience will be put to the test. Let’s see if it can win!
With a potential surge, the price of SOL could reach a maximum of $1,351 by 2030.
As per our latest SOL price analysis, the Solana could reach a maximum price of $11,698.
By 2050, a single Solana price could go as high as $72,459.
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