Solana (SOL) is currently in a pivotal moment as it attempts to break above the $19 resistance against the US Dollar. To initiate a fresh upward move, SOL’s price needs to establish stability above key levels like $19 and $20.
Here’s a breakdown of the current SOL price situation:
- SOL is making an effort to break above the $19 resistance against the US Dollar.
- It’s trading below $20 and the 100 simple moving average on the 4-hour chart.
- There’s a significant bearish trend line forming, indicating resistance near $18.80 on the SOL/USD pair’s 4-hour chart.
- SOL recently dipped below $22 support but found a low around $17.37 before starting a potential upward movement.
- It briefly surpassed the $18.50 resistance zone and the 50% Fibonacci retracement level of the previous downtrend from $20.60 to $17.37.
- The key obstacle now is the $19 resistance, with additional resistance around $19.40 and the 100 simple moving average on the 4-hour chart.
- If SOL breaks above $20, it may target the $21.20 resistance, and further gains could lead it to $22.
- Conversely, if SOL fails to establish support above $19.00 and $19.40, it might experience a renewed decline.
- Initial support lies near $18.10, with the first significant support at $17.40. A close below $17.40 could lead to a drop towards $16.50.
- If the bearish trend continues, SOL might head towards the $15.00 support level in the near term.
- Technical indicators show the MACD for SOL/USD gaining momentum in the bullish zone, while the RSI is currently above the 50 level.
In summary, SOL is at a critical juncture, with $19 and $20 being crucial levels to watch. A successful break above these levels could pave the way for further gains, while a failure to do so may lead to more downside potential.