Solana remained below $225.0 and the descending trendline, pressuring the $215.0 support. A break below this level could trigger the downtrend, targeting $203.0.
The bearish outlook should be invalidated if SOL/USD stabilizes above the $225.0 immediate resistance.
Solana Technical Analysis – 18-December-2024
Solana is in a bear market, below the descending trendline and the 50- and 100-period simple moving averages. As of this writing, the cryptocurrency trades at approximately $217.0, losing 2.3% of its value in today’s trading session.
The immediate support is at $215.0. From a technical perspective, the downtrend could be triggered again if bears push the prices below this support. In this scenario, the next bearish target could be the December 10 low at $203.0.
- Also read: Ethereum Bull Market Hinges on $3770 Support
The Bullish Scenario
Please note that the bearish outlook should be invalidated if Solana prices exceed the immediate resistance at $225.0. If this scenario unfolds, the cost could rise toward the 78.6% Fibonacci resistance level at $237.5.