Solana SOL price performance has been falling short of late, especially after the December 4 flash crash. But things could be due for a change as SOL price presents a buy opportunity that might get more attractive if trapped bears decide to join the party.

Solana price vies to retest old highs

Sol price rose 14% to set up a swing high at price of $204 between December 6 and December 7. This run-up failed to collect the liquidity resting above price of $207 and has since retraced 6% to where it currently trades - $190.

Depending on where price bulls decide to make a comeback, SOL price looks to sweep the swing high at price of $240 and collect the buy-stop liquidity resting above it. From the current position, this run-up would constitute a 25% ascent.

However, there is a chance that investors might not be done booking profits. In such a situation, Sol price might decide to sweep the weekly low at price of $176 before it triggers an upswing. In this situation,SOL price will aim for a 17% climb to $207. If the buying pressure continues to pour in, the “Ethereum killer” could make its way to price of $228 and, eventually, the $240 hurdle. In the latter scenario, a move from price of $176 to $240 would represent a 35% gain for SOL.

While things are looking up for Solana, a breakdown of the $171 support level floor will indicate that buyers are taking their sweet time to make a comeback. As long as the bullish price momentum kick-starts here, SOL is in the safe zone. However, if the bears decide to knock SOL price down to produce a swing low below price of $163, it will invalidate the bullish thesis outlined above.

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