Solana continued to show signs of weakness daily following another 3% loss in the past 24 hours. However, it remains bullish but is still finding a key level to initiate a fresh buy. The price is currently under retracement.
The late November drops continued to bring a notable setback for Sol’s bulls on a daily scale, though the $200 level has suppressed selling since the market witnessed a sudden meltdown over the past week.
Following a short recovery, the $240 level posed a threat to the bulls and the price fell, though the volatility currently looks insignificant due to low supply. A big loss should be expected if the supply level increases.
Looking at the choppy price actions over the past week, Sol appeared to be gathering liquidity for another major sell-off capable of retracing the price lower to the $190 and $180 area, where the buyers are patiently waiting to initiate an entry in the next few days.
While the ongoing retracement phase provides a discount for a long-term reaccumulation, we can expect a huge rebound once the price tests the white ascending trendline, acting as diagonal support since September.
A breakdown of this line could result in an end of the bullish move. But from a technical perspective, more growth is expected in the future.
SOL’s Key Level To Watch
Source: Tradingview
As Sol advances retracement near a weekly support level of $210, the price must break below $200 before testing $194 and $183.4, where the trendline lies. From there, we can expect a bounce back.
But 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 up there could rocket 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
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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