- Solana price is at a 20% loss in market value for December
- SOL has not traded sub-$10 since February 2021 during the Crypto bullrun.
- A hurdle above $13 is needed to invalidate the bearish outlook and consider aiming for range-bound targets.
Solana price is setting up to wipe the yearly lows. If the breach occurs, SOL could auction for less than $10 in 2023. Key levels have been defined to identify SOL’s potential landing zones if the liquidity zone within arms reach loses support.
Solana price faces resistance
Solana price is enduring a strong bearish force as the centralized smart contract token is currently down 20% since the start of the month. On December 25, the bulls have been rejected access to the mid $11 barrier. The 8-day exponential moving average is currently acting as resistance, and the recent denial of passage could be the catalyst for a sweep-the-lows event targeting the yearly low at $10.74.
Solana price currently trades at $11.32, less than 5% above the yearly low. In the likely event that the liquidity zone is breached, the bulls would have to rely on support levels established in 2021 during SOL’s infamous 10x bullrun. Key levels would be $9 and potentially $7.80, resulting in up to a 30% decline from Solana’s current market value.
SOL/USDT 1-Day Chart
At the time of writing, SOL is two hours away from printing Sunday’s settling price. The bulls will need to conquer at least half of the previous weekly range near $13 to create the potential for more uptrend opportunities. A breach above the aforementioned level could enable SOL to challenge December’s monthly high at $14.96. The self-proposed “Ethereum killer” smart contract token would rise by 30% if the bullish scenario occured.