- SOL’s price recovery from $180 suggests bullish potential, with targets at $200-$215 if $193 resistance is broken.
- $180-$190 is critical support for SOL, historically flipping from resistance to support; losing this zone risks drops to $152 or $133.
- RSI at 51.14 indicates mild bullish momentum; a rise above 60 could signal stronger trends, while a drop below 40 suggests sell pressure.
On December 30, 2024, at press time, Solana (SOL) traded at $192.35, a 1.39% dip over 24 hours. However, in seven days, the price surged by 5.89%, indicating volatility. Analyst Ali, in a video shared on X, emphasized the importance of the $180-$190 range, identifying it as an important support level for SOL. He notes that this range previously acted as resistance from March to November before changing to support in mid-November.
Bullish and Bearish Trends
As per Santiment, SOL has seen cycles of upward and downward momentum. Between early October and late November 2024, Solana had a strong bullish trend, rising from $152 to a peak of $265.
During this period, the 50-day moving average (MA50) crossed above the 200-day moving average (MA200), coinciding with increased buying activity. By mid-December, the trend reversed as the MA50 dipped below the MA200, shifting toward bearish momentum.
SOL found resistance at $216 and $265 while maintaining support at $192 and $171. Trading volume peaked during sharp price movements, indicating heightened market participation.
Indicators Suggest Consolidation
On a four-hour timeframe, Solana’s price at $192 has seen a recovery from a recent low of $180. Immediate resistance is at $193, while support is at $189. Trading volume stood at 36.89K, indicating moderate activity.
The RSI was at 51.14, slightly above the neutral midline of 50, suggesting mild bullish momentum. A rise above 60 on the RSI could strengthen this trend, while a dip below 40 might intensify selling pressure. Meanwhile, the MACD indicator showed narrowing bearish momentum, with the potential for a bullish.
Analyst Notes Important Support Levels
According to Ali, the $180 to $190 zone is important for Solana’s stability. He noted that this range served as a major resistance earlier in the year before flipping into support. Recent market corrections tested this zone, which held firm.
Ali emphasized the alignment of a rising trendline with this range, indicating its importance. Failure to maintain this support could lead to further declines, with potential lows at $152 or $133.
However, sustained support within this zone might provide a foundation for future upward movement, especially if resistance at $193 is overcome. This could lead to a price increase to $200 or $215.
