Thursday's 4% rise to $18.85 indicates that Solana could have hit a bottom and is now poised for a potential rally in the bullish market. SOL's value has demonstrated its resilience to investors amid speculation about a substantial liquidation from the financially troubled FTX exchange.
Solana is aiming for a renewed surge past the $19.00 resistance against the US Dollar, with the condition that SOL's price establishes stability above $19 and $20. In recent days, Solana has seen its value decline, dipping below the $22 support level. It even slipped below $20, entering a bearish territory before finding support around $17.40. The price formed a low near $17.57 and is now making an effort for a fresh uptick, similar to Bitcoin and Ethereum.
There has been an uptick above the $18.50 resistance area, and the price even briefly surpassed the 50% Fibonacci retracement level. However, the $19 resistance is currently being defended by bears. A closing price above $19.50 could potentially pave the way for SOL's price to reach $22.
The four-hour chart reveals a robust bullish resurgence, supported by a MACD buy signal. If Solana can maintain its support at $17.5 and bridge the gap to $20, it's likely to attract more investors. Furthermore, recent price movements disrupted the V-shaped reversal in Solana's coin price, finding support at the bottom of the descending channel. This suggests the possibility of an upturn within the bearish channel, with the potential to breach the $20 threshold.
According to Coingabbar Price Analysis, Market capitalization of SOL is around $7,746,639,224. Additionally, the trading volume over the past 24 hours has been approximately $434,348,562.
KEY LEVELS :
RESISTANCE LEVEL : $19.50-$20.60
SUPPORT LEVEL : $18.00-$17.00
Is Solana poised for a 30% surge? Does SOL's price show a 4% increase following the FTX liquidation alert, indicating a potential rally? Will Solana reach the upper channel, and is there a chance it will close above $20? We invite your thoughts in the comment box below.
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. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
