Solana price hints at possible decline! Will SOL price retest the $50 lows soon?
The cryptocurrency market has gained over 1.2% in value over the past day, with the top cryptocurrencies seeing positive gains in their respective portfolios. On the other hand, SOL prices have been trending neutral for some time, raising concerns about Solana price movements in December.
Solana has been trading in a consolidated range between $38.77 and $42.25 for some time. Then, in the first week of November, the market gained momentum and prices soared. SOL price surged around 42% over the next four days before being rejected at $59.59.
Afterwards, the coin faced a slight correction, but the bulls held the price strong, leading to an 11% surge in the price. The price was then rejected at $61, after which the price attempted another breakout but was met with rejection.
After that, SOL price lost momentum and started trading negatively and tested the important support level at $51.32. The SOL token then experienced a trend reversal, with its price surging by over 28%. Moreover, the coin hit a yearly high at $65.90, after which the bulls lost momentum.
The Solana token has lost nearly 18% in value and is seen testing the low support level of $54.01. In the third week of the month, the bulls successfully regained $60, but the rally was short-lived as the bears overwhelmed the bulls.
Since then, the price has traded in a consolidated range between $54.01 and $59.73. The recent uptrend has regained strength and pushed the price above $60, but as the price approaches the support level, there is uncertainty about the future price action of this cryptocurrency.
Will SOL prices reach $70 soon?
MACD (Moving Average Convergence Divergence) shows a steady decline in the green histogram, indicating a decrease in the market’s constant buying and selling pressure. The averages also show a possible bearish convergence, suggesting that prices will lose value in the future.
If the bulls continue to trade the price above the $60 level, SOL price will regain momentum and get ready to test the resistance level of $62.81 soon. Additionally, if the market holds the price at this level, Solana will set the stage for testing the upper resistance level of $65.90 in the coming days.
Conversely, if the bears overwhelm the bulls, the price will lose momentum and move lower, soon testing the $54.01 support level. Moreover, if bears continue to dominate the market, the downtrend will increase further and prepare to test the lower support level of $51.32 by the week ahead.