Over the past six days, #SOLANA has been trading within a defined range. The question arises whether SOLANA will break out of this range or continue to trade in a consolidated pattern in the near term.
On the daily chart, SOLANA's price has recently violated the ascending support trendline, a significant development that frequently precedes a significant reversal in the opposite direction when a long-term support level is broken. However, during the consolidation phase, there are lower price rejection candles that indicate buyers are actively defending the support levels mentioned earlier.
Despite the recent sharp decline in the overall cryptocurrency market, Solana's price has remained stable, maintaining a range-bound trading pattern. This stability is particularly noteworthy given the strong support level at $19.70, which has held firm despite market volatility.
During the last two days, there has been a series of small body candles, suggesting a struggle for dominance between the Bulls and the Bears. SOL has shown a consistent upward movement against the dollar, building a solid base above the $20.00 mark. The bulls have successfully maintained control, surpassing the resistance level of $21.00. At present, SOL is trading above both $21.00 and the 50-hour simple moving average, indicating a positive momentum in the market
A resistance level is observed around $21.70 initially, with a more substantial resistance at approximately $22.50. Breaking through this level successfully could signify a bullish trend and potentially result in further upward movement towards the resistance levels of $23.50 and $24.00. Sustained positive momentum may eventually push the price to reach the $26.00 level.
If #SOL struggles to surpass the resistance level at $22.00, it may face renewed selling pressure. Under such circumstances, the initial support level is estimated to be around $20.80, with a more substantial support level identified at $20.40. A breach below this level could grant the bears an advantage, potentially triggering a decline towards the support range of $19.60 to $19.00 in the upcoming days.
The market capitalization of this SOL is $8,463,009,366. The 24-hour trading volume of the coin is around $243,932,132.
KEY LEVELS :
RESISTANCE LEVEL : $22.00-$23.00
SUPPORT LEVEL : $20.50-$19.80
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.
