Key Takeaways:
- SOL price is consolidating in a range above the $13.80 support.
- It broke a key bearish trend line with resistance near $13.95 on the 4-hours chart.
- A clear move above the $15 level could send the price towards $20.
Solana’s SOL price is attempting a recovery wave above the $14 level. It is now consolidating and the bulls might aim a move above the $15 resistance.
Solana (SOL) Price Faces Breakout Zone
After a strong decline, SOL formed a strong base above the $10 zone against the US Dollar. The price remained well bid above the $10 level and slowly started a recovery wave.
The price was able to clear a couple of key hurdles near the $12.50 and $13 levels. Recently, a base was formed and the price was able to climb above the $13.80 resistance zone, similar to bitcoin and ethereum.
Solana’s 4-hours price chart | Source: SOL/USD on TradingView.com
Besides, the price cleared a key bearish trend line with resistance near $13.95 on the 4-hours chart. Sol price is now trading above the $14 level and the 50 simple moving average (blue, 4-hours).
It traded as high as $14.95 and is currently consolidating gains. It is trading above the 50% Fib retracement level of the recent increase from the $12.95 swing low to $14.95 high. On the upside, an immediate resistance is near the $14.80 level.
The next major resistance is near the $15 zone. A clear wave above the $15 level could start a major rally in the near term. In the stated case, the price may perhaps rise towards the $20 zone.
Fresh drop?
If there is no push above $14.50 or $15, the price might start a downside correction. An initial support is near the $13.95 level. The next major support is near $13.70 and the 50 simple moving average (blue, 4-hours). It is close to the 61.8% Fib retracement level of the recent increase from the $12.95 swing low to $14.95 high.
The main support sits near the $12.80 level. A close below $12.80 may perhaps start another strong decline. In the stated case, the price might even test the $10 support.
Overall, SOL price is attempting an upside break above the $14 level. If the bulls clear the $15 barrier, the price could drift towards the $20 level. Conversely, there might be a fresh dip towards the $12.80 level.
