Key Support levels: $187, $170
Key Resistance Level: $204
SOL found support at the $187 level which provided some hope for the downtrend. SOL may need to wait longer to break above the current resistance of $204, which is currently at 204.
Since the cryptocurrency reached its all-time peak at $260, it has been charting lower lows than highs. This puts SOL in a clear downtrend. The bears will continue to be in control until this trend is reversed.
Chart by TradingView
Trading Volume: This volume peaked in the December 4th crash and has been declining every day since. This is a positive sign for bulls, as it may be a signal that they have the opportunity to regain control from bears.
RSI: Daily RSI continues to fall. The RSI may attempt a reversal if bulls can stop the downtrend at its current support level. The RSI has made higher lows over the past four hours, which is good news for bulls.
MACD: MACD is still bearish for the daily timeframe. The histogram is making lower lows, while the moving averages are increasing. This signal is bearish and a reversal appears far away.
Chart by TradingView
As long as Solana does not stop the downtrend, the bias will remain bearish
SOL Price Predictions for the Short-Term
Solana experienced a poor November month and a terrible start to December due to the crash. Price action is clearly in a downtrend and all attempts to stop it have failed so far. If SOL is able to hold above $187 as the key support, it could enter a consolidation that would turn the bias towards neutral.
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