Solana’s price continues to increase after making a short pullback a few days ago. It’s bullishly heading for a short-term resistance line, where the price is likely to break or make. The price is currently up 17% weekly.

As few altcoins enjoyed volatility inflow due to Bitcoin’s indecisiveness for some weeks now, SOL’s performance has been impressive so far as it recovered significantly from its lowest price level in six months. 

Aside from that, it has managed to reclaim several resistance levels, particularly the crucial $20 level that cracked in the past months. In fact, it has added a 10% gain ever since and now trading $2 inches away from the crucial level. 

However, the steady retracement may come to an end as soon as the price test the important resistance line forming since February. A break above this line should provide more room for the short-term rally on the current daily timeframe. 

Inversely, a rejection at that line may subject the price to a sell-off as it could lead to another major leg down if the asset fails to find firm support. 

In summary, SOL increased by more than 85% since the price took off from $12. As a result, its market cap evaporated notably and it is now spotted amongst the top ten cryptocurrencies according to CMC metrics. 

SOL’s Key Level To Watch

Source: TradingView

On the way up, the levels to keep in mind are $23.25 and $24 to test the crucial resistance line. If the line breaks, higher levels to consider for an increase are $25.5 and $27 – marked as the current yearly high.

While the crucial $20 level stands as support, a drop below it could bring the price as low as $187, $17.8 and $17. It may extend selling to $16 and $14.95 if the those levels fail to hold.

Key Resistance Levels: $23.25, $24, $25.5

Key Support Levels: $20, $18.7, $17.8

Spot Price: $22
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ July 14, 2023 5:18 am