Solana price prediction: Can SOL hit $240 and break its downtrend?

SOL was up 14%, but the recovery faced a roadblock at $235.
Will the liquidity level at $245 trigger a breakout from the downtrend channel?

As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by the current state of Solana [SOL]. The recent 14% surge has been a breath of fresh air after the steep decline from its all-time high, but the recovery seems to have hit a roadblock at $235.

Following a record-breaking high of $264, Solana’s [SOL] price dropped by more than 20% over a three-week period.

In December, SOL made an effort to undo its recent losses. Currently, it has risen by 14% and retested its March highs, acting as a potential support point. However, the question remains: Can it break through its downward trend and prolong the recovery?

Solana price prediction: Will SOL reverse its downtrend?

Starting in November, the value of SOL stabilized near its previous peak from March, which stood at around $210. Later, it surged to reach an all-time high (ATH) of $264. Since revisiting this point as a support level, it became an essential reference point moving forward.

Currently, efforts to recover have been turned down near the high points of the descending trendline, which are now around $235.

Making a strong push past $235 might shatter the temporary downward trend, strengthening the possibility that we’ll reach a bullish goal of around $248 or potentially even $264.

In other words, during December, the RSI didn’t clearly rise above its neutral point, which suggests a relatively low demand. This could potentially postpone a significant price surge for SOL.

If the current resistance level is not broken, a further price decline might push Solana down towards its mid-level or previous March highs.

$245 breakout target

Based on Conglass’s liquidation chart, the significant support level for potential upside liquidity lies within the $244-$245 range (marked as the bright yellow level). This implies that if Solana manages to breach its downtrend, it could potentially reach $245.

On the other hand, there was an additional area with significant trading activity evident on the daily charts, roughly at the $220 level, which fell within the channel’s middle range.

Read Solana [SOL] Price Prediction 2024-2025

Based on an analysis of the liquidation heatmap data, it appears that Solana (SOL) might drop to around $220 if it fails to push beyond its current high range and instead experiences a halt in its upward progression. A further attempt to break free from the channel may not materialize under these circumstances.

Regarding Solana (SOL), even though its near-term price movements may be volatile, investment firm Bitwise remains optimistic about its future prospects. They’ve set a price target of $750 for SOL by the year 2025, indicating their positive long-term outlook.

2024-12-12 21:11

Solana price prediction: Will SOL reverse its downtrend?

$245 breakout target

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