Key Takeaways:
- SOL price started a recovery wave above the $12 resistance.
- It broke a key declining channel with resistance near $12 on the daily chart.
- There could be more upsides towards $20 or even $25.
New Delhi(CoinChapter): Solana’s SOL found support near $8 and recovered higher. The price is now consolidating above $15 and might aim more upsides.
Solana’s SOL Price Recovers
After a major decline, SOL found support near the $8 zone against the US Dollar. The price traded as high as $7.92 and recently started a fresh increase.
There was a steady increase above the $10 and $10.50 resistance levels. The price gained pace after it cleared the $12 resistance zone and moved into a short-term positive zone, similar to bitcoin and cardano.
During the increase, there was a break above a key declining channel with resistance near $12 on the daily chart. The price even surpassed the 23.6% Fib retracement level of the downward move from the $38.82 swing high to $7.92 low.
Sol price is now trading above the $15 resistance and the 50-day simple moving average (blue). On the upside, an immediate resistance is near the $17.50 level.
The next major resistance is near the $20 zone. A clear wave above the $20 level could increase the chances of a move above $22.50. The next major resistance sits near the $25 zone. It is close to the 50% Fib retracement level of the downward move from the $38.82 swing high to $7.92 low.
Any more gains might open the doors for a move towards the $30 level in the coming days. The main breakout zone on the upside sits near the $35 zone.
Fresh Decline in Sol?
If there is no push above $18 or $20, the price might start a fresh decline. An initial support is near the $14.50 level. The next major support is near $13 and the 50-day simple moving average (blue). The main support sits near the $10 zone.
A close below $10 may perhaps start another strong decline. In the stated case, the price might even dive below the $8 support.
Overall, SOL price is attempting a reversal above the $15 resistance zone. If the bulls are able to clear the $20 resistance zone, it could easily drift towards the $25 level. Conversely, there might be a fresh decline below $15.
