Key Takeaways:
- SOL price is consolidating above the $20.50 support.
- It broke a major bearish trend line with resistance near $20.80 on the 4-hours chart.
- The bulls might attempt a fresh increase unless there is a close below the $20.00 support.
NEW DELHI (CoinChapter.com) — Solana’s SOL struggles to gain bullish momentum above $21.00. However, the price might rise again if it exceeds the $20.00 support.
Solana (SOL) Price Near Do-or-Die Levels
After testing the $19.40 support zone, SOL started a fresh increase against the US Dollar. The price climbed above the $20.00 pivot level to move into a short-term positive zone.
The bulls were able to push the price above the $20.50 resistance, but SOL lagged Bitcoin and Ethereum. There was a slow increase above the 23.6% Fib retracement level of the downward move from the $23.90 swing high to the $19.31 low.
The price broke a major bearish trend line with resistance near $20.80 on the 4-hours chart. In addition, it opened the doors for a close above the 50 simple moving average (blue, 4 hours).
However, SOL struggled to clear the 50% Fib retracement level of the downward move from the $23.90 swing high to the $19.31 low. It is now moving lower and retesting the same trend line at $20.50. If there is a downside break below the $20.50 support, the price might face an increase in selling pressure.
The next major support is nearly $20.00. A close below $20.00 may perhaps start another strong decline. Next, the price might decline toward the $19.40 support in the stated case. Finally, any more losses may open the doors for a move toward the $18.50 level.
Fresh Increase?
Conversely, Solana Bulls could protect the trend line and attempt a new increase. On the upside, immediate resistance is near the $20.80 level and the 50 simple moving average (blue, 4 hours).
The next major resistance is near the $21.50 zone. A clear wave above the $21.50 level could start a fresh surge soon. The price may rise toward the $22.60 resistance in the stated case.
Overall, SOL’s price is struggling to stay above the $20.50 and $20.00 support levels. If the bears remain in action, there is a risk of a move toward the $19.400 support zone in the near term. Conversely, there might be a fresh rise toward the $22.60 level.
