Solana price analysis

Solana

SOL

tickers down

$22

plunged below the immediate support at $20 on Aug. 22, but the bulls purchased the dip, indicating demand at lower levels.

SOL/USDT daily chart. Source: TradingView

Buyers will have to push the price above the 20-day EMA ($22.64) if they want to salvage the situation. Above this level, the SOL/USDT pair is likely to pick up momentum and attempt a rally to $26. The 50-day SMA ($23.60) could act as a barrier, but it is likely to be crossed.

Contrary to this assumption, if the price turns down from the current level or the 20-day EMA, it will signal that the bears have not given up. That will increase the likelihood of a break below $19.35. If that happens, the pair may drop to $18 and eventually to $16.

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