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Solana (SOL) Price Prediction For December 30, 2024

Solana (SOL) Price Prediction For December 30, 2024

On December 30, 2024, at press time, Solana (SOL) traded at $192.35, a 1.39% dip over 24 hours. However, in seven days, the price surged by 5.89%, indicating volatility. Analyst Ali, in a video shared on X, emphasized the importance of the $180-$190 range, identifying it as an important support level for SOL. He notes that this range previously acted as resistance from March to November before changing to support in mid-November.

Bullish and Bearish Trends

As per Santiment, SOL has seen cycles of upward and downward momentum. Between early October and late November 2024, Solana had a strong bullish trend, rising from $152 to a peak of $265. 

Source: Santiment

During this period, the 50-day moving average (MA50) crossed above the 200-day moving average (MA200), coinciding with increased buying activity. By mid-December, the trend reversed as the MA50 dipped below the MA200, shifting toward bearish momentum

SOL found resistance at $216 and $265 while maintaining support at $192 and $171. Trading volume peaked during sharp price movements, indicating heightened market participation.

Indicators Suggest Consolidation

On a four-hour timeframe, Solana’s price at $192 has seen a recovery from a recent low of $180. Immediate resistance is at $193, while support is at $189. Trading volume stood at 36.89K, indicating moderate activity.

Source: TradingView

The RSI was at 51.14, slightly above the neutral midline of 50, suggesting mild bullish momentum. A rise above 60 on the RSI could strengthen this trend, while a dip below 40 might intensify selling pressure. Meanwhile, the MACD indicator showed narrowing bearish momentum, with the potential for a bullish.

Analyst Notes Important Support Levels

According to Ali, the $180 to $190 zone is important for Solana’s stability. He noted that this range served as a major resistance earlier in the year before flipping into support. Recent market corrections tested this zone, which held firm. 

Ali emphasized the alignment of a rising trendline with this range, indicating its importance. Failure to maintain this support could lead to further declines, with potential lows at $152 or $133. 

However, sustained support within this zone might provide a foundation for future upward movement, especially if resistance at $193 is overcome. This could lead to a price increase to $200 or $215.

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