The Solana coin price increased on six consecutive days, rising 54% to the current trading price of $13.80.
barrier level may encourage a sideways trend in Solana prices for a few trading days.
The market is trading in green after a major crypto saw a significant increase in the last 24 hours. Solana made a huge rise, and became the highest gainer in the previous 24 hours.
On the other hand, if the Solana price closes with a daily candle above $15, the bullish momentum will increase, and the price may gain 20% to $18.
While the overall market remains volatile, the Solana coin price outperformed the majority of cryptocurrencies this week. This current recovery rally began on December 29th, as prices rallied from the 2022 low of $8. As a result, the SOL price surged in a V-shaped pattern with increasing volume, signalling aggressive market buying.
The Solana coin price increased on six consecutive days, increasing 54% to the current trading price of $13.90. Furthermore, this bullish reversal resulted in a big breakout from the local resistance levels of $11.00 and $12.70, giving additional support for buyers as they continue to rise higher. However, this altcoin may revert lower to test the $11.00 support level.
If the Solana coin continues its possible retest phase, prices should gain 8.00% and challenge the $15.00 monthly resistance. Coin holders should keep an eye out for the aforementioned resistance, which extremely limited bullish growth from mid-November to December.
Bulls are aggressive and in control after a low of $8.00. After reaching a low, the price has rebounded and consolidated around the $10-$9.50 range. After breaking out of the consolidation zone, we see back-to-back green candles form, and the price is now facing $15.00 resistance.
The price function of SOL has broken upward in the previous four trading sessions. As they did yesterday, the bulls continue to control the market. Prices climbed at the start of today's trading session as bulls stayed strong. Profit booking can be seen at upper level.
The immediate resistance level is $15.00. The next level of resistance comes at $15.75. A clear break over the $15.75 barrier level might signal the start of a long-term rally. The next significant big obstacle is around $16.50. Any more hikes might take the price of SOL above $18.50. Any more gains might open the door for a move toward the $20.00 level.
If Solana fails to break over the $15.00 resistance level, the first level of support is at $13.25. A break below the $13.25 support level might result in a significant collapse. In this situation, the price might drop as low as $12.00. If SOL fails to support $12.00 and is violated with significant volume, it may move towards the $11.00 support. Any more losses may require a test of the $10.00 zone, while any further losses may require a test of the $8.00 barrier.
This SOL's market capitalization is $5,104,078,186 according to Price Analysis. The coin's 24-hour trading volume is around $1,448,230,783. The market value of SOL has increased by 17.88%. During intraday trading, however, transaction volume increased by 161.05%.
KEY LEVELS :
RESISTANCE LEVEL : $15.00-$16.00
SUPPORT LEVEL : $13.20-$12.00
SOLANA is facing resistance near $15 after a 78% gain in seven days. Will SOLANA's price break $15, or will there be some profit booking at higher levels? Please share your thoughts.
