Over the last few days, Solana experienced a significant decline starting from a price well above $20. The bearish trend continued, causing SOL to trade below the crucial support level of $17.50.
Bearish pressure intensified, causing the price of Solana to break below the crucial $15 support level. Similar to Bitcoin and Ethereum, Solana's price is displaying bearish signals below the $15 mark. A bottom was formed around $12.70, and currently, the price is consolidating its losses in a period of consolidation.
At present, Solana (SOL) is being traded below both the $15 level and the 50-hourly simple moving average. On the 4-hour chart of the SOL/USD pair, a significant bearish trend line is taking shape, with resistance appearing around $15.20.
The immediate upside resistance for SOL is observed around the $15 level, which coincides with a trend line. Further up, a significant resistance area is located near the $16 zone. The main resistance level is currently forming around $17.50, which aligns with the 50% Fibonacci retracement level of the downward movement from the swing high of $22.30 to the low of $12.70. If the price manages to close above $17.50, it could potentially rally towards the resistance zone at $18.80. Any additional gains beyond that level might propel the price towards the $20 mark.
If Solana is unable to surpass the resistance at $16.00, it could experience further downward movement. The initial support on the downside can be found around the $14.00 level. The first significant support level is situated near $12.70, and if breached, it might strengthen the bearish sentiment. In such a scenario, the price could potentially decline towards the $12.00 support level. The subsequent major support level lies around $10.50.
Based on Price Analysis, the market capitalization of this SOL is $5,901,608,659. The 24-hour trading volume of the coin is around $370,415,315.
KEY LEVELS :
RESISTANCE LEVEL : $16.00-$17.00
SUPPORT LEVEL : $14.00-$13.00
What happens after Solana flips the $20-level to resistance? Can the bulls sustain their rally amidst a market correction? Is the current moment favourable for purchasing? Please provide your views in the 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.
