SOL Price (Solana) Aims Reversal And Might Climb To $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 | Image Source Wallpapercave

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.

Solana’s price daily chart
Solana’s price daily chart | Source: SOLUSD on

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.

The post SOL Price (Solana) Aims Reversal And Might Climb To $25 appeared first on CoinChapter.

Source link

Related posts

ARGOS ID presents the World’s First Travel Rule Solution for Unhosted Wallets

Marine Savard

Polkadot (DOT) and Solana (SOL) Show Signs of Recovery, Orbeon Protocol (ORBN) Surges

Marine Savard

Solana co-founder sees potential for devs to lead its network in 2023

Marine Savard

ETH/BTC: Ethereum Price Aims Fresh Surge Vs Bitcoin

Marine Savard

Santander Proposes Project to Tokenize and Trade Properties With the Brazilian CBDC – Bitcoin News

Marine Savard

Dormant Ethereum Whale Rouses As Crypto Market Sees A Revival

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More