FxNews—Solana prices rose from $203.0 on December 10 on oversold signals hinted by RSI 14 and Stochastic in the 4-hour chart. The buying pressure exceeded the 50.0% Fibonacci retracement level, making the SOL/USD’s bullish run and becoming overbought in the short term.
As of this writing, SOL/USD trades at approximately $232.0, stabilizing above the $225.0 key support level.
Solana Technical Analysis – 12-December-2024
As for the technical indicators, the Awesome Oscillator with green bars is about to shift above zero, meaning the bull market prevails. However, the Stochastic Oscillator depicts 92.0 in the description, increasing concerns about Solana’s overpriced situation.
Overall, the technical indicators suggest while the primary trend should be considered bullish, the prices could bounce from this point.
Solana Targets $237 Above The Key Fibonacci Level
The immediate support is at $225.0. From a technical perspective, Solana buyers are likely to reach the 78.6% Fibonacci resistance level at $237.0 if immediate support is still available. Furthermore, if the buying pressure drives the prices above $237.0, the next bullish target could be the $247.0 mark, the December 6 high.
Please note that the bullish outlook should be invalidated if the cryptocurrency falls below the immediate support at $225.0. If this scenario unfolds, the next support level will be $215.0.
