Indeed, the SOL price appears to be the latest victim of post-rally fatigue, affecting other notable altcoins alike. In a rough start to the month, today’s 4.82% decline takes the week’s losses to 11.56%.
Amidst post-election hype, many coins have outpaced their fundamentals and most bullish projections, and it seems the 35.55% gain Solana has seen over the past month is now in question.
Particularly as this decline comes with a 50% increase in trading volume, nearing $5.5 billion, it seems the downtrend still holds momentum.
SOL Price Analysis: Is a $1,000 Solana Still in Play?
Technical indicators lay grounds for optimism, as the recent breakout of a cup-and-handle pattern forming since late 2021 favors a bullish continuation of Solana’s long-term price appreciation.
SOL / USDT 1D chart, cup-and-handle pattern breakout. Source: Binance.Given that the pattern fully materializes, it sets a price target of $380, a 70% advance on current prices, and a credible target that runs into the final month of the year.
While $1,000 is also far within the realms of possibility, it’s more likely such highs will be seen further into next year, especially with anticipated fundamental developments like Solana Exchange Traded Funds (ETFs).
In the meantime, the SOL price seems to be amidst a natural and healthy correction, finding more stable footing for its next leg up.
Particularly following the Relative Strength Index (RSI) stint in overbought territory, surpassing 80, a telling sign that a correction was due.
With the RSI reaching the neutral zone at 50, the correction seems to be near its end.
The support zone around $205.30 appears to be a possible local bottom, in line with consistent support provided by the 50SMA throughout the rally.
This Fleeting Opportunity Could Be the Better Play
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Check Out Pepe Unchained HereThe post Is Solana in Trouble? SOL Price Turns Red with XRP Rally – Can SOL Reach $1,000 in December? appeared first on Cryptonews.
