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Market Direction

$220-$260 range critical for SOL

Published: Dec 6, 2024
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Solana ($SOL) held strong at $220 support after a minor flush-out. Bulls now target $260 resistance, with $300 on the horizon as market sentiment improves.

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Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.


  • SOL was much less affected by yesterday's leverage flush out, seeing Open Interest only fall by approximately 5%.
  • The Funding Rate did pull back more significantly, though, from 0.07% to 0.02%. So some late Longs were flushed out/closed out; it just wasn't a violent move.
SOL funding rate:

5. A chart tracking Solanas open interest-weighted funding rate and corresponding price changes on December 6, 2024.

Technical analysis

  • SOL has attempted a breakout from the descending wedge. However, the price has been rejected to the $ 240s for now.
  • Price has remained above the key horizontal support of $220, having also used it and bounced from it a number of times already.
  • If the price were to fall below $220, we'd expect aggressive bids to step in between $200 to $220.
  • To the upside, $250 to $260 remains the key resistance zone for the price to overcome.
  • The RSI is down to middle territory at 53, so there is a lot of possible upside to be had.
6. Daily Solana price chart depicting recent resistance, support levels, and RSI positioning for potential breakouts.
  • Next Support: $220
  • Next Resistance: $260
  • Direction: Neutral/Bullish
  • Upside Target: $260 (then $300)
  • Downside Target: $210 - $220
Stay updated on Solana price prediction—explore our full analysis for the latest market insights.

Cryptonary's take

Overall, SOL looks good here, and despite the price recently rejecting into the $250 area, we do expect it's just a matter of time until the price breaks out of its all-time highs and heads to $300.

For now, we remain in Spot as we think there may be a few more days of range-bound action as the market shakes off yesterday's flush out. We do expect that SOL could break down all-time highs, potentially as soon as within the next 7-10 days.

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