Solana Faces Critical Future Despite Bullish Sentiment

News around Solana has been largely positive as several key developments are currently happening around it. Beyond this bullish sentiment however, analysts have warned that the asset is at a critical stage and its price action must be taken note of. 

Trading and analysis platform CryptoPulse said on 15 December that Solana is at a critical price that it must hold or be at the risk of a steep decline leading to a shift into the bearish. 

The analysts stressed that the $111–$124 remains very strategic and must be defended on the monthly chart. Losing this level will officially return Solana to a fresh bearish trend, and the analysts warn that investors must pay attention to it regardless of what the news says.

Solana Still in the Safe Zone for Now

Solana has struggled alongside the rest of the market but somehow managed to find stability despite several bearish predictions such as the crash to $24. At the time of this report, the asset is trading at $132.88 which is safely above the critical price level highlighted by cryptoPulse. 

In fact, it is currently the second-best performing among the top ten assets with a 1.33% gain in the last 24 hours, second only to Tron with 2.47%. With the current price holding above $130, the asset is still in a safe zone that only time will determine if it can hold. 

Meanwhile, other analysts have echoed the importance of the $111-$124 zone. SOL has held this level for 18 months according to the charts, and losing it could be catastrophic, another analyst implies. Breaking below this level could lead to a cascading effect that some believe could take the price to $20.

Bitcoin Crash Could Break Solana

Solana has managed to hold above the critical price levels that it needs to stay afloat despite the prevailing negative market sentiment. However, one thing that could frustrate its strengths is a continuous downward trend in Bitcoin, which usually influences the entire crypto market.  

The top coin has just lost $90,000, a critical price that analysts say could determine its next direction of movement. After bouncing off $88,000 support briefly, the asset has also lost this level and is now trading at $87,000, which analysts say opens the door to much lower prices. 

More Must-Reads:

• Solana’s Chart Shows A Moment You Can’t Ignore
• Solana at Risk of Sharp Fall – $70 Is Back on the Table
• Solana ETFs Beat Bitcoin and Ethereum with 7 Straight Days of Inflows