Amid the latest rally, Sol is still reaccumulating but is looking ready for another shift while providing a sizable discount for almost two weeks. Its bullish trajectory remains intact following over 50% gains in a month.
Last month’s trading saw Sol through a major break out to a new high of $264 after overcoming tough resistance levels in the preceding months. Buying pressure dropped and the asset lost steam in the late month.
That brought a short-notable pullback and the crypto found a temporal support yesterday. It recovered nicely overnight and posted minor gains amidst the latest rallies in the market
While providing discounts daily, the price looks good for a short-term buy. But currently, the bulls are yet to show strong commitment.
However, looking back from where the price started to rise from $8 in December 2022, Sol has returned a huge profit, though there’s still room for more growth from a long-term perspective.
If the $215 level holds well, the price will likely break higher in the next few days. This should put the asset in a more bullish condition until the price reaches a peak. It is now ranked the 6th largest crypto by market cap as Ripple’s XRP overtook Tether’s USDT position.
SOL’s Key Level To Watch
Anticipating the next leg up, Sol must retake a minor resistance of $248.4 along with the recently suppressed $264.4 resistance. Breaking higher, the $280 level is the next target to keep in mind.
Yesterday’s $215 low is still providing support. If it collapses as a result of broader retracement, Sol may navigate $194 and potentially $183.4 for support before climbing back.
Key Resistance Levels: $248.4, $264.4, $280
Key Support Levels: $210, $194. $183.4
- Spot Price: $231.5
- Trend: Bullish
- 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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Source: https://nulltx.com/solana-price-analysis-prediction-december-5-sol-found-temporal-support-amid-retracement-can-it-bounce-back/