The gains from the $25 resistance are being corrected by Solana’s SOL. The bulls may continue to trade over $20 and hope for a subsequent rebound shortly.
Solana Drops in Price From $25
There was a consistent advance from the $17.40 zone, as was covered in the previous SOL price prediction. Once the price broke over the crucial $20 barrier zone, it picked up speed.
Price Prediction for SOL: Why Solana Dips Turned Attractive Around $20,Price Prediction for SOL: Why Solana Dips Turned Attractive Around $20
Additionally, on the daily chart, it broke through a significant negative trend line with resistance close to $19.95. More gains are possible now that the upward surge has accelerated over the $22 resistance zone and the blue 50-day simple moving average.
SOL did rally nearly to our $25 initial aim. It examined the 50% Fib retracement level of the decline from the swing high of $32.50 to the low of $17.36.
The Bears appear to have successfully guarded the $25 resistance zone. Right now, Solana is trading below $23 and reversing gains. Nevertheless, compared to Bitcoin and Ethereum in the near run, it is still advantageously situated in a positive zone.
Direct assistance is observed in the vicinity of $22.00. Near the $20.50 mark, or the 50-day simple moving average (blue), the primary support is now emerging. A new rise might occur if the SOL price maintains above the $20.00 pivot mark.
There is a chance that the trend will change if the bulls are unable to hold the $20.00 support and the market closes below the blue 50-day simple moving average. In the above scenario, the price may return to the $17.40 support level.
New Rally at SOL Cost?
On the other hand, the price can continue to rise over the $20.00 support zone. There appears to be an initial upward barrier close to the $23.50 mark.
The pivotal breakout zone is now developing around $25; if this is broken, SOL may challenge the 76.4% Fib retracement level of the decline from the $32.50 swing high to the $17.36 low, which is located around $28.90. Should there be any more gains, the price may approach $32.
Overall, the price of SOL is reversing gains while remaining above significant support. Solana may stage another rally towards $25 or maybe $28.90 if it maintains above the $20 support level. On the other hand, it may suffer and test the $17.40 support level again.
Price Prediction for SOL: Why Solana Dips Turned Attractive Around $20,Price Prediction for SOL: Why Solana Dips Turned Attractive Around $20,Price Prediction for SOL: Why Solana Dips Turned Attractive Around $20