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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 daily, resulting in a 3% loss over the past 24 hours. Despite being bullish, it is still searching for a key level to initiate a fresh buy. The current retracement poses an opportunity for traders to accumulate Sol at discounted prices.
The recent decline since late November has caused significant setbacks for Sol’s bulls on a daily scale. However, the $200 level has managed to suppress selling pressure since the market experienced a sudden meltdown over the past week. Following a brief recovery, the $240 level presented a threat to the bulls and the price dropped further, although the current volatility appears insignificant due to low supply. A substantial loss can be expected if the supply level increases.
Recent price action has revealed 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. Although the ongoing retracement phase provides a discount for long-term reaccumulation, we can expect a significant rebound once the price tests the white ascending trendline, acting as diagonal support since September. A breakdown of this line could result in the end of the bullish move. From a technical perspective, more growth is expected in the future.
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. However, if the price recovers from the current trading level, the immediate resistance level to watch on the way up is $247, followed by $264.4. A break above these levels 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
Source: nulltx.com
