Solana Price Drops Below $230, Faces Major Resistance At $245
Solana's price showed strong performance in September, with a double-digit gain and a further 10% increase at the start of October. However, it struggled over the weekend, losing the $230 mark.
Sustained Upward Run Hinges On $245 Resistance
- Crypto analyst Ali Martinez identified $245 as a significant resistance level for Solana based on the UTXO Realized Price Distribution (URPD) metric.
- More than 5.9 SOL tokens were acquired around the $245 level, indicating a potential supply wall.
- Investors may sell assets at this level to break even or move into profit, applying downward pressure on the price.
The return to the all-time high of $293 depends on overcoming the $245 resistance. Without major barriers, the path to record-high prices could be clear.
Potential for a 100% Surge
- Martinez suggests Solana could reach $520 if it closes above long-term resistance at $260.
- This would represent an over 110% surge from the current price of approximately $228.
Investors should monitor the $245 level closely as it may influence Solana's price trajectory significantly.