#sol链
SOL hovers at $215: Can it recover?
SOL's price rise has recently shown bearish signs, which makes people wonder: Is the target of $300 in 2024 still reliable?
Recalling the bull run launched on October 10 this year, Solana soared 67% in just 17 days. When the price climbed to a peak of $263, it seemed to fluctuate at a high level at first, but then began to decline. SOL has always been considered one of the potential stocks, but this sudden change in momentum has caused heated discussions in the community. Does this mean that the fifth largest cryptocurrency is about to start to decline, or are we overlooking something important?
SOL's price has been fluctuating
On November 22, Solana reached a high of $263, but fell to $203 last week. Since October 10, it has been running in an upward channel, with several small peaks during the period. Although it has tried to break through the historical high several times, it has failed and was eventually beaten back into the channel.
The current trend has turned all moving averages into resistance. Even on the 4-hour chart on December 11, we saw a death cross. The RSI value is 43, which also shows a lack of momentum. However, the trading volume has increased by nearly 39% compared to the past 24 hours.
Where is Solana's next goal?
Solana's next big goal is $300, but to get there, it first needs to break through the $222 resistance level and work hard to get back to $263. Easier said than done.
Now, the price is $215.86, and the market interest is rising, with open interest increasing by 2.25% to $5.34 billion. Retail investors are closely watching these key price levels, wondering what Solana will do next.
What's next for Solana?
Right now, Solana's price is really struggling a bit. It may test the $203 support level again and then rebound. Although it's a tough time now, Solana still has growth potential.
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