Solana SOL: Drop to $215 Before Rally to 245?
2024-12-16
Category: None

Solana is moving in the descending channel since end of November. It is currently is trading in the intraday range zone where we continue to see slow and choppy price action. A breakout from this range zone will result in a decisive move in the coming week. 

 
 A minor pullback toward $215.21, followed by a robust recovery, would indicate that buyers are regaining control, potentially paving the way for a rally toward the resistance levels of $227.83 and $245.58 (Dashed Green Projection).
 If bullish momentum strengthens, this could extend gains to the next key level at $262.11, offering ample opportunities for upside continuation (Solid Green Projections).
 Conversely, failure to defend the $215.21 support level could expose Solana to increased bearish pressure. A decisive break below this threshold may trigger a decline toward the critical support at $197.45 (Red Projection).
 

As Solana navigates this crucial juncture, traders should closely monitor price movements and volume dynamics to identify early signals of a breakout or reversal. Staying vigilant will be essential to capturing the next substantial market shift.