Solana Struggles Below $215: Can Crypto’s “Ethereum Killer” Recover?

In just 17 days, Solana skyrocketed by 67%, igniting a bull rally that started on October 10. But after hitting a high of $263, the price took an unexpected turn—first moving sideways, then dropping. As one of the biggest players in the crypto world, Solana’s sudden shift has sparked curiosity and concern. What’s really behind this change in momentum?

From Peak to Dip: What’s Happening?

Solana hit $263 on November 22 but then dropped to $203 last week. Since October 10, it had been following an upward parallel channel, with a few brief spikes. It tried breaking its all-time high (ATH) several times but failed, pushing the price back down. At first, it seemed the price would stay within the channel, but eventually, it dropped below it, hitting $203.

Resistance and the Road Ahead

This drop pushed Solana below all its key moving averages, which now act as resistance. On December 11, a “death cross” appeared on the 4-hour chart, signaling a potential bearish trend. The RSI is at 43, showing a lack of momentum. However, trading volume has increased by 39% over the past 24 hours, suggesting that investors are still interested.

Solana’s next major target is $300. But to reach that, it first needs to break through resistance at $222 and then work its way back to $263. This won’t be an easy task.

Investors, Watch Closely!

At the moment, Solana’s price stands at $215.32, and investor interest is rising. Open interest has increased by 2.25%, reaching $5.34 billion, as traders watch closely for price movements at key levels.

New Staking Opportunities Ahead

On the investment front, Bitwise has launched a Solana Staking ETP (BSOL) in Europe to offer staking rewards, addressing the earlier lack of rewards from its Solana ETP, ESOL. BSOL offers a 6.48% staking reward, higher than the 5.49% from 21Shares.

While the US market is moving slower, Bitwise has filed for a spot Solana ETF, though approval is still uncertain.

What’s Next for Solana?

Right now, Solana’s price is in a tough spot. Some analysts believe it could test the $203 support level again before bouncing back. It’s a challenging moment, but there’s still potential for growth. While it’s uncommon for strong projects to dip during a rally, this might be a sign of building momentum—and the price could surprise the market with a sudden spike.

The crypto market never rests, and neither does Solana—its next move is one to watch closely.