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Market Direction

SOL testing $215 resistance soon

Published: Dec 31, 2024
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Solana ($SOL) consolidates between $180-$200 after a 30% pullback. Reset indicators suggest upside potential, with $215 as the next key resistance in focus.

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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 Funding Rate also remains flat/healthy at just 0.01%. This is good to see with SOL, which is near $200, and there doesn't look to be any excessive leverage built up.
  • SOL's Open Interest (in USD terms rather than by a number of coins) has pulled back from approximately $6.0b to $4.5b in just a few weeks. This is a meaningful pullback, and it means that any excesses have been flushed out on what is a mere 30% pullback from the highs seen in the $250's. Good to see all around.
SOL's open interest (in USD terms):

5. Solana futures open interest and price trend, showing a meaningful 30 pullback and consolidation.

Technical analysis

  • SOL broke below the key range between $200 and $220, finally finding support in the late $170's. This isn't a move we expected. However, it did meaningfully reset a handful of the indicators, with the RSI even breaching into oversold territory on the Daily timeframe.
  • The price has now spent some time being in a range bound between $180 and $200 and forming a pennant-like pattern, although it isn't the most accurate pennant.
  • The RSI has moved off of oversold territory, and it's now broken above its moving average. This may help send the price higher.
6. Solana daily chart displaying a range between 180 and 200, with potential breakout toward 215.

Stay updated on Solana price prediction—explore our full analysis for the latest market insights.

  • Next Support: $180
  • Next Resistance: $200
  • Direction: Neutral (Bullish)
  • Upside Target: $215
  • Downside Target: $180

Cryptonary's take

We're expecting the price to move to $205, potentially $215, and that'll be the crucial testing point to see if the price can reclaim higher levels. In the short-term, we think we can see a breakout to $215, but we're not sure we get much more than that in the coming week.

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