- Solana price closed November's auction 56% lower than the opening price.
- SOL trades range bound within a 3-week consolidation.
- The bulls will need to flip the mid $16 zone into support to invalidate the bearish trend.
Solana price shows reasons to believe the downtrend is still ongoing. Although many crypto advocates remain enthusiastic about a potential Santa Rally, the technicals show SOL has more market value to slice from the hands of long-term investors.
Solana price could decline further
Solana's price is treading into territory that has been unmarked since 2020. On December 5, Solana consolidated within an 8% range that confines the price action swings within the last three weeks. The resolve will likely come from SOL's congestive nature, but unfortunately, the technicals hint that the outcome will be bearish.
Solana price is currently trading at $13.74. Last month the largest influx of transactions on the volume indicator was reported during Solana's 56% decline. At the time of writing, the SOL price is auctioning below the November settle at $14.16. As volume continues to taper following the historically large uptick, it appears evident that bulls will remain sidelined. If a market bounce back above the monthly settle does not occur soon, the next target zone would be $10 and $8.50. The aforementioned levels have been unacquainted with Sol's auctioning market since February 2021.
.
SOL/USDT 3-Day Chart
As mentioned in the previous outlook, the bulls will breach and flip the $16.50 resistance zone into support to create the possibility for additional uptrend moves.
In doing so, the next bullish target to aim for would be the broken support zone at $22. Such a move would result in a 56% Increase from the current Solana price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US

Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity

Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week

The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?

XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.