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Market Direction

SOL resistance at $222 and $245

Published: Dec 16, 2024
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Solana ($SOL) consolidates near key support while BTC holds highs and ETH tests resistance zones. Can SOL break out of its downtrend? Let’s dive into the latest price action.

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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's Open Interest has also ramped back up to its prior highs despite the leverage flush out a week ago.
  • The Funding Rate is back to the healthy level of 0.01%. This is positive.
SOL's open interest: 5. Solana Futures Open Interest chart highlighting SOL price increasing alongside rising open interest levels, peaking above $240 in December.

Technical analysis

  • SOL is currently in a downtrending channel, which usually does have a large breakout to the upside, assuming there is a breakout.
  • Price has seemingly lost the horizontal support at $222, and price now finds itself in the lower range between $203 and $222. However, we don't necessarily see this as a bad thing.
  • In terms of resistance, $222 is the first, and then it's $245. We'd also be looking for a breakout of the downtrend line (top border of the channel.
  • On the downside, $203 is the main horizontal line for the price to hold.
  • The RSI has also meaningfully reset to middle territory, although there aren't any divergences forming.
6. Solana price chart (SOL-USDT) showing price correction within a descending channel, holding support near $216, with RSI hovering around neutral levels.
  • Next Support: $203
  • Next Resistance: $222 (then $245)
  • Direction: Neutral
  • Upside Target: $245
  • Downside Target: $203
Stay updated on Solana price prediction. Explore our full analysis for the latest market insights.

Cryptonary's take

SOL has taken a breather here for the last month, but that's all we see it as, just taking a breather. We're looking at $203 to $222 as the zone where the price likely locally bottoms.

We remain really positive on SOL and expect it to get back to all-time highs in the coming month or two. In the immediate term, we expect the price to just remain range-bound, likely between $203 and $222, before breaking out at a later date.

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