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SOLANA PRICE ANALYSIS CMP-$20.40: Will SOL experience a rally and reach the $25 mark?

Key Takeaways

  • During daily chat, we observed that SOL had formed a Double Bottom pattern
  • On the weekly chart, SOL is currently trading within the Bullish Flag pattern
  • On the 4-hour chart, SOL is currently exhibiting a pattern of forming higher highs and lower lows
17 Mar 2023 By : Coin Gabbar

The Solana price (SOL) is currently exhibiting a bullish trend on the smaller time frame, steadily ascending along an upward trendline. In the past 24 hours, the coin's value has experienced a significant surge, and the latest analysis suggests that this bullish tendency is likely to continue.

After a four-hour analysis of Solana's price, it is predicted that there will be a substantial increase in value due to the dominance of the bulls. The price has formed a higher high and lower low, indicating a steady upward trend. 

Solana is currently showing signs of a promising upward trend as it gradually climbs above the $20 resistance level against the US Dollar. This indicates a potential rally if it manages to surpass the $22 resistance. Last week, Solana's price found support near the $16 zone, which has formed a solid foundation for a significant increase above the $19 resistance level. This is similar to the trends observed in Bitcoin and Ethereum.

The SOL/USD pair has been steadily rising above the $19.50 threshold, indicating a positive trend. Recently, the price has broken through the major resistance level of $20.00. Following this breakthrough, the bulls have taken the lead in the rally, pushing the price to cross $20.50 and reach a high of $20.72. This indicates a strong bullish sentiment in the market.

Firstly, the primary resistance is currently situated at $21.00. Moving forward, the next immediate obstacle lies at the $21.50 level, which is located near the 50% Fibonacci retracement level of the downward move from the $27.14 swing high to the $16.00 low. Should the coin successfully break through this resistance, the next significant hurdle will be at the $22.80 level. If the asset manages to surpass this level, it may gain bullish momentum and rise towards the $24 resistance. Further gains could potentially push the price towards the $25 level.

If SOL fails to break through the resistance level of $22.00, there is a possibility of a downward correction. In such a scenario, the initial support level can be found at $20.00. However, if the price continues to decline, the first significant support level is located at $19.30, followed by the next major support level at $18.70. If the price falls below this level, it may test the critical support level at $18.00. The primary support level is currently situated in the $16.00 zone. 

According to Price Analysis, the market capitalization of this SOL is $7,897,079,016. The 24-hour trading volume of the coin is around $481,226,08.


RESISTANCE LEVEL : $21.00-$22.00

SUPPORT LEVEL : $20.00-$19.00

"Will Solana experience a surge similar to that of Bitcoin and Ethereum? Can we expect SOL to reach the $25 mark in the coming months? Is SOL's price gearing up for another phase of the rally? We would greatly appreciate it if you could share your thoughts in the comment section below. Your insights and opinions are valuable to us."

Disclaimer: crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.