New Delhi(Coinchapter.com): Solana’s SOL price is showing positive signs above the $20 level. The price is now consolidating and the bulls might aim a move above the $25 resistance.
Solana (SOL) Price Faces Breakout Zone
After forming a base above the $15 level, SOL started a steady increase against the US Dollar. The price gained pace for a move above the $18 and $20 resistance levels.
The price was able to clear a couple of key hurdles near the $22.50. It traded as high as $24.76 and recently started a minor downside correction, similar to ethereum and bitcoin. There was a move below the $24 and $22 levels.
Solana’s 4-hours price chart | Source: SOL/USD on TradingView.com
There was a break below the 23.6% Fib retracement level of the recent wave from the $15.40 swing low to $24.76 high. Sol price is now trading above the $20 level and the 50 simple moving average (blue, 4-hours).
On the upside, an immediate resistance is near the $22.20 level. The next major resistance is near the $22.50 zone. A clear wave above the $22.50 level could start a fresh rally in the near term. In the stated case, the price may perhaps rise towards the $25 zone. The next major stop for the bulls may perhaps be near the $30 level.
Downside Correction in SOL?
If there is no push above $22.50 or $25, the price might continue to move down. An initial support is near the $20.50 level and the 50 simple moving average (blue, 4-hours).
The next major support is near $20.00. It is close to the 50% Fib retracement level of the recent wave from the $15.40 swing low to $24.76 high. There is also a major bullish trend line forming with support near $20.00 on the same chart.
The main support sits near the $17.60 level. A close below $17.60 may perhaps start another strong decline. In the stated case, the price might even test the $15 support.
Overall, SOL price is showing a lot of bullish signs above the $20 level. If the bulls clear the $25 barrier, the price could drift towards the $30 level. Conversely, there might be a fresh dip towards the $17.60 level.
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