Solana

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<p class="is-style-lead">The analyst says Solana is stuck between support at $110 and resistance at $120 as it trades in a rangebound state.</p> 
<p>In his latest YouTube video on Dec. 26, the analyst behind the popular Cilinix Crypto channel shared his thoughts on recent price action in the Solana (<a href="https://crypto.news/price/solana/">SOL</a>) market. He believes the <a href="https://crypto.news/tag/altcoin/">altcoin</a> remains fundamentally strong, but traders should remain patient amid questionable year-end trading conditions.</p> 
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 <div class="wp-block-embed__wrapper"> <iframe title="SOL EMERGENCY UPDATE!🚨 | SOLANA (SOL) PRICE PREDICTION &amp; NEWS 2023!" width="1020" height="574" src="https://www.youtube.com/embed/Phh6TYMfuiU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>Speaking to his viewers, the analyst said Solana is currently rangebound between support at $110 and resistance around $120. Yesterday, Solana briefly broke above $120 but failed to hold those gains. According to the analyst, this kind of fake out is not uncommon, given lower liquidity and irregular trading activity around the holidays.</p> 
<p> You might also like: <a href="https://crypto.news/trader-earns-5-7m-after-investing-30-sol/"> Trader earns $5.7m after investing 30 SOL </a> </p> 
<blockquote class="wp-block-quote"> 
 <p>A fake out does not necessarily mean that we’re going to crash. […] Solana right now is still doing great.</p> <cite>Cillinix Crypto</cite>
</blockquote> 
<p>The analyst also pointed to healthy trading volumes and open interest in Solana futures contracts as signs of ongoing strength. Looking ahead, he thinks Solana will likely see a bullish breakout above $120 or a bearish breakdown below $110 soon. He believes a drop towards $95 is possible if Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) fails to hold above $42,000. However, he says either scenario fits a longer-term bullish trajectory for Solana.</p> 
<p>“Fundamentally, Solana is still very bullish,” he concluded, advising traders to wait patiently for a definitive breakout in either direction. </p> 
<p>Despite recent volatility, he remains optimistic about Solana overall, citing strong on-chain activity and developer participation. But he cautions traders to consider reducing risk ahead of potential near-term downside before a longer-term move higher.</p> 
<p> Read more: <a href="https://crypto.news/solana-hits-records-for-monthly-new-and-active-addresses/"> Solana hits records for monthly new and active addresses </a> </p>

Solana price prediction: analyst shares his forecast

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