Technical Analysis for SOLUSD for 9th December 2022
Solana Consolidates After Dumping 65%, Resistance at $14.8
Past Performance of SOL
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.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.