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SOLANA PRICE ANALYSIS & PREDICTION (December 20) – Sol Advances Retracement, Target This Key Support Line For Rebound
Solana’s price has continued to show signs of weakness on a daily basis, with another 3% loss recorded in the past 24 hours. Despite this, it remains bullish but is struggling to find a key level to initiate a fresh buy. The current retracement is a significant development.
In recent times, Sol’s bulls have been met with notable setbacks on a daily scale, following a short recovery after a late November drop. This has brought the price under retracement. Despite the volatility remaining low, it appears that the $200 level has successfully suppressed selling pressure since the market experienced a sudden meltdown over the past week.
However, should supply levels increase, a significant loss is anticipated. A closer examination of the recent price actions reveals Sol gathering liquidity for another major sell-off, capable of retracing the price lower to the $190 and $180 area where buyers are patiently waiting to initiate an entry in the next few days.
While the ongoing retracement phase offers a discount for long-term reaccumulation, we can expect a significant rebound once the price tests the white ascending trendline that has been acting as diagonal support since September. A breakdown of this line could signal the end of the bullish move.
From a technical perspective, further growth is expected in the future.
Sol’s Key Level To Watch
As Sol advances retracement near a weekly support level of $210, it must break below $200 before testing $194 and $183.4, where the trendline lies. From there, we can expect a bounce back. If the price recovers from its current trading level, immediate resistance levels to watch on the way up include $247, followed by $264.4. A break above this could propel the price to $280 and $300 in no time.
Key Resistance Levels: $247, $264.4, $280
Key Support Levels: $210, $194, $183.4
Spot Price: $217
Trend: Bearish
Source: nulltx.com
