SOLANA PRICE ANALYSIS CMP-$19.70: Does $19 Kickstart SOL's Bull Run?

SOL is currently trading within a falling channel.

After the January gains, SOL's price has been moving sideways, experiencing several corrections and rebounds. A brief recovery phase retraced to test previously broken support levels, resulting in an engulfing candle overnight.

On The Daily Chart: 

SOL's price is currently below $20.00 against the US Dollar, but there's potential for a strong uptrend if it surpasses the $22.20 resistance. The recent price action saw a recovery from the $19.00 support, breaking above key levels like $19.50 and $19.60. Additionally, there was a notable breach of the 23.6% Fibonacci retracement level and a significant bearish trend line near $20.00 on the 4-hour SOL/USD chart. The bulls managed to push the price past the $20.00 resistance, but encountered resistance at $20.50. The highest point reached was around $20.62 before a drop below $20.00 and the 200-hourly moving average.

On The 4-Hour Chart:

On the 4-hour chart, SOL hit a low of $19.00 in August and has since held this level as a strong support. Recent price action has seen SOL bouncing off the channel's bottom. However, it's struggling to break past the $20 resistance. If the downtrend breaks the support trendline, SOL could drop to $16. Conversely, a rally above $20 could signal an uptrend targeting $24.00.

According to Coingabbar Price Analysis, Market capitalization of SOL is around $8,087,142,655. Additionally, the trading volume over the past 24 hours has been approximately $413,541,939.

KEY LEVELS :

RESISTANCE LEVEL : $20.60-$22.00

SUPPORT LEVEL : $19.00-$18.00

Is the SOL price currently undergoing a retest, and are there potential buyers looking to push it beyond the $20 mark? Is Solana in the process of gearing up for another upward movement? Could a technical pattern rebound lead to a potential extension of Solana's value to $50? Share your thoughts in the comments below.

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