Technical Analysis for SOLUSD for 9th December 2022
Solana Consolidates After Dumping 65%, Resistance at $14.8
Past Performance of SOL
There are glimpses of hope for Solana. However, SOL is bearish, and there needs to be a price action for this preview to change. As an illustration, the coin is down 65 percent from November highs at spot rates. Besides, despite gains across the board on December 8, SOL prices are within a bear-engulfing bar in the daily chart.
Solana Technical Analysis
From the daily chart, Solana prices are under pressure. SOL stabilized on December 8, edging higher. However, the December 7 bearish engulfing bar defines the short term. Resistance is at $14.8, and bulls must break above the current consolidation for the uptrend to take shape. Ideally, if SOL edges above this week's highs, the coin could expand to correct the undervaluation of November 10. In that case, SOL bulls can target $18.1. Losses below $12.9 will invalidate this bearish preview.
What to Expect from SOL
Solana is plagued by their exposure to FTX and projects losing confidence in the network. The combination of these events could slow down SOL's uptrend.
Resistance level to watch: $14.8
Support level to watch: $12.9
Disclaimer: Opinions expressed are not investment advice. Do your research.
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