Solana's price is currently near $16.00 when paired with the US Dollar, just like Bitcoin. If SOL manages to break the crucial support level at $15.00, it might initiate a significant downtrend.
Upon examining the daily chart, Solana struggles to surpass the significant barrier at $18.00. Should SOL fail to achieve a close above $16.00, it could potentially trigger a substantial influx of selling pressure.
However, If the price fails to reach the support level, traders may witness SOL surpassing the upper boundary of its trading range, thereby sustaining its upward trajectory.
According to the 4-hour chart, Solana is currently displaying a downward trend as it breaks below the ascending channel line. Traders have adopted a bearish stance as the coin loses the momentum it had regained previously. Yesterday, SOL encountered resistance at the channel line, leading to a notable increase in selling pressure on its price.
Based on Price Analysis, the market capitalization of this SOL is $6,424,428,030. The 24-hour trading volume of the coin is around $298,262,568.
KEY LEVELS :
RESISTANCE LEVEL : $16.80-$17.50
SUPPORT LEVEL : $15.40-$14.50
Is there a bullish target for Solana at $20 or beyond? Can SOL experience a 100% rally? Is it possible for SOL to surpass $25 by the end of June? Please provide your insights in the space provided.
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.
