Solana (SOL) Price Eyes $245: Short Squeeze Trigger?

• Solana (SOL) eyes $245 as analyst predicts short squeeze if key level breaks.
• Solana (SOL) holds a $100B market cap, targeting $245 for the next price surge.
• $245 is a crucial SOL price: Break it & $250+ price surge possible.

Solana (SOL) has been showing strength even with broader market fluctuations and held a market cap of $100 billion recently, as its price stays above $200. Prominent analyst Ali Martinez pointed out that the $245 price level is key for the SOL price action. 

In a post on X (formerly Twitter), the analyst noted that if SOL successfully reclaims $245, it could “trigger a major shift in market positioning, with billions in short positions at risk.” While sharing a liquidation heatmap, the analyst noted a substantial concentration of leverage at the $245 level, where nearly $11.35 billion in short positions are stacked. 

$245: Solana’s Short Squeeze Price Point?

Essentially, this suggests that if SOL reaches the $245 price point, a series of liquidations could fuel further price surges due to forced buy-backs from short sellers. 

Related: KuCoin Lists Three Solana-Based AI Tokens: BUZZ, GRIFT, SNAI

According to CoinMarketCap data, SOL trades at $205.30 at press time, up 5.57% in the last seven days. Crucially, the altcoin’s latest recovery from sub-$180 levels indicates renewed buying interest.

SOL Price Analysis: Key Levels to Watch

The 20-day Exponential Moving Average (EMA) is currently at $212, suggesting that Solana needs to reclaim this level to confirm a short-term bullish trend. If SOL breaks above the $212 resistance, a run toward $245 could happen soon. A breakout above this liquidation-heavy zone could trigger a short squeeze, potentially pushing SOL beyond $250.

On the other hand, if Solana fails to reclaim $212, it may face renewed selling pressure, leading to a retest of $180 or lower support levels. Meanwhile, the RSI stands at 45.56, slightly below the neutral 50 mark. This indicates that while Solana is not yet in overbought territory, momentum is gradually shifting toward the bulls.

Related: Solana Price Target: $520, Says VanEck in Bullish Forecast

The MACD line (blue) is below the signal line (red), signaling ongoing bearish momentum. However, the histogram shows signs of decreasing selling pressure, which could lead to a bullish crossover soon. The intensity of the histogram is also decreasing, suggesting less bearish influence.