Key Takeaways:
- SOL price is attempting a recovery wave above the $15.00 resistance zone.
- It cleared a major bearish trend line with resistance near $15.30 on the 4-hour chart.
- The price could rise sharply toward $18.00 if it clears the $16.20 resistance.
NEW DELHI (CoinChapter.com) — Solana’s SOL is rising from the $13.00 zone. The price could gain bullish momentum if there is a close above the $16.20 resistance.
Solana (SOL) Price Consolidates Below Resistance
After a major decline, SOL price found support near the $13.00 zone against the US Dollar. The price traded as low as $13.02 and recently started a steady recovery wave.
There was a break above the $14.00 and $14.15 resistance levels. The bulls pushed the price above a major bearish trend line with resistance near $15.30 on the 4-hour chart. It also settled above the 50 simple moving average (blue, 4 hours).
It shows a few positive signs above $15.20, similar to Bitcoin and Ethereum. It is trading above the 23.6% Fib retracement level of the key drop from the $22.30 swing high to the $13.02 low.
On the upside, SOL bulls face a major hurdle near the $16.20 level. A successful daily close above the $16.20 resistance could initiate a steady increase. The next major resistance is near the $17.65 zone or the 50% Fib retracement level of the key drop from the $22.30 swing high to the $13.02 low.
If a clear move above $17.65, Solana could rise toward the $19.35 resistance zone. The price may rise toward the $20.00 resistance in the stated case. Any more gains could send the price toward the $22.00 resistance zone.
Another Rejection?
Conversely, SOL might struggle to clear the $16.20 resistance. In this case, there is a risk of a fresh decline toward the $15.20 support and the 50 simple moving average (blue, 4 hours).
A close below $15.20 may possibly send the price lower toward the $14.15 support. Any more losses may open the doors for a move toward the $13.00 level in the coming days.
The SOL price faces an uphill task near the $16.20 resistance. If the bulls remain in action and push the price toward the $17.65 resistance, there could be a trend reversal soon. Conversely, the price might correct lower and revisit the $14.15 support zone.
