New Delhi(Coinchapter): Solana’s SOL is struggling near the $20 zone. The price is consolidating, and the bulls might aim to move above the $22 resistance.
Solana Price Nears Key Juncture
After struggling to stay above the $25 level, SOL steadily declined against the US Dollar. Finally, the price declined below the $24 and $22 levels to move into a short-term bearish zone.
The bears even pushed the price below the $20.80 support zone. Finally, the price spiked below the $20 support zone. A low is formed near $19.69, and the price is now consolidating losses, similar to Ethereum and Bitcoin.
The price recovered above the $20.00 and $20.50 levels. In addition, it climbed above the 23.6% Fib retracement level of the downward move from the $24.23 swing high to the $19.69 low.
SOL’s price is now trading below the $22.00 level and the 50 simple moving average (blue, 4 hours). On the upside, immediate resistance is near the $22.20 level and the 50 simple moving average (blue, 4 hours).
A major bearish trend line is forming with resistance near $22.00 on the 4-hours chart. In addition, the thee trend line is close to the 50% Fib retracement level of the downward move from the $24.23 swing high to the $19.69 low.
The next major resistance is near the $22.50 zone. A clear wave above the $22.50 level could start a fresh surge soon. The price may rise toward the $25 resistance in the stated case. Any more gains could send the SOL price toward the $30 level.
Fresh Drop in SOL Price?
The price might react to the downside if there is no push above $22.00 or $22.50. Initial support is near the $20.80 level.
The next major support is nearly $20.00. The main support sits near the $19.80 level. A close below $19.80 may perhaps start another strong decline. The price might even test the $18.00 support in the stated case.
Overall, the SOL price is clearing, facing a key hurdle near the $22 zone. If the bulls clear the $22 barrier, the price could drift toward the $25 level. Conversely, there might be a fresh decline toward the $18.00 support zone in the coming days.
New Delhi(Coinchapter): Solana’s SOL is struggling near the $20 zone. The price is now consolidating and the bulls might aim a move above the $22 resistance.
Solana Price Nears Key Juncture
After struggling to stay above the $25 level, SOL started a steady decline against the US Dollar. The price declined below the $24 and $22 levels to move into a short-term bearish zone.
The bears even pushed the price below the $20.80 support zone. Finally, the price spiked below the $20 support zone. A low is formed near $19.69 and the price is now consolidating losses, similar to ethereum and bitcoin.
The price was able to recover above the $20.00 and $20.50 levels. It climbed above the 23.6% Fib retracement level of the downward move from the $24.23 swing high to $19.69 low.
Sol price is now trading below the $22.00 level and the 50 simple moving average (blue, 4-hours). On the upside, an immediate resistance is near the $22.20 level and the 50 simple moving average (blue, 4-hours).
There is also a major bearish trend line forming with resistance near $22.00 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the downward move from the $24.23 swing high to $19.69 low.
The next major resistance is near the $22.50 zone. A clear wave above the $22.50 level could start a fresh surge in the near term. In the stated case, the price may perhaps rise towards the $25 resistance. Any more gains could send sol price towards the $30 level.
Fresh Drop in SOL Price?
If there is no push above $22.00 or $22.50, the price might react to the downside. An initial support is near the $20.80 level.
The next major support is near $20.00. The main support sits near the $19.80 level. A close below $19.80 may perhaps start another strong decline. In the stated case, the price might even test the $18.00 support.
Overall, SOL price is clearing facing a key hurdle near the $22 zone. If the bulls clear the $22 barrier, the price could drift towards the $25 level. Conversely, there might be a fresh decline towards the $18.00 support zone in the coming days.
