Log in

Market Direction

SOL wedges between $250-$260 levels

Published: Dec 4, 2024
0
Share:

Solana ($SOL) showcases bullish momentum as Open Interest jumps 20% and funding rates approach 0.06%. Key support at $220 remains intact, with technical analysis hinting at a breakout to $290-$300 in the coming weeks.

Post Feature Image

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 increased by north of 20% over the last 3-5 days.
  • SOL's Funding Rate is also at high levels, close to 0.06%. This means there's a strong bias amongst traders to be Long here, and with Open Interest where it is, SOL is becoming more vulnerable to a potential flush-out.
  • Price can perform with Funding Rates at these levels, but it would be a warning sign to us if Funding Rates spiked much further from here.
SOL's open interest (by number of SOL):

5. Chart showing Solana (SOL) futures open interest and price movement, highlighting trends from April to November 2024.

Technical analysis

  • From a TA perspective, SOL is showing a different story - a bullish setup.
  • SOL is currently forming a descending wedge that would have a break-out target to the upside, with a target of $290 - $300.
  • The price is also nicely above major horizontal support at $220, with a large support range beneath that, which is down to $200.
  • On the upside, $250 to $260 remains the price resistance zone.
  • Another positive point with regards to SOL's price pulling back from the highs here is that the RSI has pulled back substantially and is now in the middle territory, nowhere near being overbought.
6. Solana (SOL) price analysis with RSI indicators, displaying key support and resistance levels for December 2024.
  • Next Support: $220
  • Next Resistance: $260
  • Direction: Bullish
  • Upside Target: $260
  • Downside Target: $220
Stay updated on Solana price prediction—explore our full analysis for the latest market insights.

Cryptonary's take

From a mechanics perspective, SOL does look overheated here. But the TA setup is great/bullish, and the narrative and momentum continue to be positive.

We expect SOL to hold above $220, but if there is a drop below, we expect it to be aggressively bought up, especially if this kind of move sees small leverage flush out. We're looking for SOL to move higher in the coming week/weeks, although in the immediate term, we're expecting more range-bound price action.

100% Success Money Back Guarantee

If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Terms & Conditions apply

Star

Trusted by 300,000+ traders

Take your next step towards crypto success

Save 50%

$799/year

Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.

VisaCardImageMsCardImageCoinbaseCardImageSolanaCardImage

For your security, all orders are processed on a secured server.

What’s included in Pro:

  • Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked

  • 24/7 access to experts with 50+ years’ experience

  • All of our top token picks for 2025

  • Our latest memecoins pick with 50X potential

  • On hand technical analysis on any token of your choice

  • Weekly livestreams & ask us anything with the team

  • Daily insights on Macro, Mechanics, and On-chain

  • Curated list of top upcoming airdrops (free money)

Our track record speaks for itself

With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.

/images/advertorial/corpcomm3.webp
/images/advertorial/corpcomm4.webp
/images/advertorial/corpcomm5.webp

Frequently Asked Questions

Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.

No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.

Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.

We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.

Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.

Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.

If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.

Recommended from Cryptonary
BTC, ETH, and More: Double Bottoms and a Critical Bounce
PRO
Market Direction
BTC, ETH, and More: Double Bottoms ...Markets rebound off key lows, BTC and major alts flash double bottom signals. Will support hold for ...
6 min read
Oct 20, 2025
BTC, ETH, and More: Bearish Pressure as Key Support Levels Break
PRO
Market Direction
BTC, ETH, and More: Bearish Pressur...Markets face critical retests with BTC and major alts breaking supports; all eyes on bounce zones an...
7 min read
Oct 17, 2025
BTC, ETH and More: Key Supports Reclaimed, Next Targets in Play
PRO
Market Direction
BTC, ETH and More: Key Supports Rec...Markets are showing signs of recovery after last week’s turbulence. Bitcoin and Ethereum are stabili...
4 min read
Oct 15, 2025