Key Takeaways:
- SOL price is struggling to gain pace for a move above the $22.75 resistance zone.
- A key bullish trend line is forming with support near $21.65 on the 4-hour chart.
- The bulls must protect $20.80 to kick start a fresh increase.
SOL Price Prediction | Image by Tommy pixel from Pixabay
Solana’s SOL is consolidating near the $21.50 zone. The price might see liftoff if it stays above the $21.50 and $20.80 support levels.
Solana (SOL) Price Holds Support
This week, SOL price saw a bearish reaction from the $24 resistance zone against the US Dollar. The price declined sharply below the $23.20 and $22.80 support levels.
The decline gained pace below the $22.20 level and the 50 simple moving average (blue, 4 hours). However, the bulls are now protecting the $21.50 support zone. Solana is now consolidating losses, similar to Bitcoin and Ethereum.
It seems like the price is setting up for the next move and holding a key bullish trend line forming with support near $21.65 on the 4-hour chart.
On the upside, immediate resistance sits near the $22.20 level or the 50 simple moving average (blue, 4 hours). In addition, it is close to the 23.6% Fib retracement level of the recent decline from the $24.02 swing high to the $21.57 low.
The next major resistance is near the $22.75 zone. It is a multi-touch zone and coincides with the 50% Fib retracement level of the recent decline from the $24.02 swing high to the $21.57 low.
A clear wave above the $22.75 level could start a fresh surge soon. The price may rise toward the $24.00 resistance in the stated case. Any more gains could send Solana toward the $25.75 resistance zone.
More Losses?
Conversely, SOL might continue to move down below the trend line support. The next major support is nearly $20.80. A close below $20.80 may perhaps send the price further lower. Finally, the price might decline toward the $20.00 support in the stated case.
Any more losses may open the doors for a move toward the $18.80 level in the coming days.
Overall, SOL’s price is consolidating above the $21.65 and $21.50 support levels. If the bulls protect the trend line support, the price might rally and revisit $24. Conversely, there could be more losses toward the $20.80 support or even $20.00.
