 ▲ Solana (SOL) / AI-generated image |
Solana (SOL) is heightening market tension as it stands at a critical crossroads, with either a strong rebound of around 12% or a further sharp decline depending on whether it can defend a key support level.
According to cryptocurrency media outlet U.Today on February 14 (local time), Solana has halted its five-day decline and is seeking a technical rebound. Crypto analyst Ali Martinez projected that if Solana secures buying pressure around the $80 level, it could rise to $82 and potentially as high as $88. This represents a potential gain of about 12% from the current price.
This optimistic outlook is supported by capital inflows into U.S. spot Solana ETFs. On February 10, U.S. spot Solana ETFs recorded approximately $8.43 million in net inflows, the largest amount since January 15. As institutional investors turn their attention back to Solana, expectations are growing that the market may be forming a bottom.
However, the broader market sentiment remains unstable. Although the U.S. Consumer Price Index (CPI) for January came in at 2.4%, below market expectations and signaling slowing inflation, the virtual asset market, including Solana, has yet to fully escape selling pressure. Technically, $77 is serving as a short-term support level, but analysts warn that if this level breaks, losses could widen to as low as $67.
Indicators in the derivatives market reflect cautious optimism. Excessive leverage has been flushed out, funding rates remain positive, and institutional basis trading is on the rise. However, the fact that traders are still paying a premium for downside protection suggests that vigilance over short-term volatility remains high.
Meanwhile, Solana co-founder Anatoly Yakovenko’s appointment to the U.S. Commodity Futures Trading Commission’s (CFTC) Innovation Advisory Committee is seen as a long-term positive factor, signaling expanding influence within the institutional sphere. Yakovenko, who will begin advisory activities alongside Ripple CEO Brad Garlinghouse and others, is expected to help enhance the credibility of the Solana ecosystem.
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