Solana Price Analysis – December 6
The Solana price is trading downwards, just like any other altcoins in the crypto market.
Resistance levels: $225, $235, $245
Support levels: $160, $150, $140
SOL/USD is back in the middle of consolidation as the coin drops below the lower boundary of the channel today. The Solana price is now roaming around the $196.75 level. However, if the market continues the down-surge and squeeze, the $180 support is likely to surface in the next few negative moves. More so, SOL/USD pair might further look for lower price levels if the bears continue to show commitment.
Solana Price Analysis: Can Solana Price Head Lower?
The Solana price is currently trading below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) prepares to move below 40-level. Meanwhile, taking a look at the daily chart, traders can see the trading volume is becoming low and the coin may likely create a new low before crossing above the channel.
Therefore, if SOL/USD pair continues to stay under the control of bears, the price may reach the support levels of $160, $150, and $140. On the upside, if the bulls step back and push the coin above the 9-day and 21-day moving averages, traders can expect the potential resistance levels at $225, $235, and $245.
SOL/BTC Market: Price May Head Downwards
Looking at the daily chart, SOL/BTC is likely to trade below the 9-day and 21-day moving averages. Although, the price is not forming a downward trend on the daily chart as bulls are making an attempt to recover the coin back higher. However, the Solana price is likely to create an additional uptrend if the bulls keep the coin above the moving averages. Therefore, any further bullish movement could take the coin to the resistance level of 4300 SAT and above.
However, looking at the current technical indicator Relative Strength Index (14) on the daily chart, it appears that bears are likely to come into focus if the signal line move below 50-level. Meanwhile, if the Solana price crosses below the lower boundary of the channel, it could hit the support level of 3500 SAT and below.