- 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.
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