At time of writing, Solana is consolidating for the third time in the past two weeks at $14.00.
On November 5, the coin started to drop from a resistance level of $38.78. On November 9, a support level of $13 was hit. It retreated and began a gradual bearish movement towards the previous low. The bulls appear to be gathering momentum to seize control of the market.
The Solana price started a fall from the $38.00 barrier level against the US Dollar. SOL price made many tries to break through the $38.00 resistance zone. However, the price made a high of $38.78, but Bulls are unable to hold the price and bears are heavy and break through the $38 barrier and begin a fresh fall from $38.78.
The price began a significant fall from far above the $30 level. Solana has fallen below $20 and $15 against the US dollar. The price of SOL is already recovering, although further gains may be limited at $15 and $17. This month, the price of solana fell significantly below $30. The price fell sharply below the $25 and $20 support levels.
The Sol price has even dropped below $15. It eventually found support at $11, trading as low as $10.95. There was a minor upwards correction recently, similar to bitcoin and ethereum. The price was able to break through the $11.50 and $12.00 resistance levels.
Furthermore, the SOL/USD pair broke above a strong bearish trend line with resistance above $12.45 on the hourly chart. However, the pair is still trading over $13 and above the 200 hourly MA
An immediate resistance is near $15.10. A clear break over the $15.10 resistance level may signal the start of a continuous rise. The next significant barrier is located at the $16.00 level. Any more rises might push the price of SOL towards the $17.50 barrier zone. It is close to the 23.6% Fib retracement level of the main drop from the $38.78 swing high to $10.95 low. Any more gains might open the door for a move towards the $19.00 level.
If Solana fails to break the resistance of $15.10 then, On the downside, an initial support level is at $13.50. A breach below the $12.70 support level might trigger a significant collapse. In the given scenario, the price might fall as low as $11.50. If SOL fails to hold $11.50 and breach with heavy volume then a new low can be seen in coming weeks near $10.00.
According to Price Analysis, The market capitalization of this SOL is estimated to be $5,096,605,291. The 24-hour trading volume for the coin is around $832,552,469. SOL market capitalization has risen by 5.65%. However, trade volume increased by 15.4% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $15.20-$16.80
SUPPORT LEVEL : $13.00-$12.00
SOLANA price increased 18% yesterday after forming a Bullish hammer pattern on the daily chart. Will SOLANA break through the $15 barrier in the coming days? Please share your thoughts.