Following the latest breakouts among major altcoins, Solana remains calm below the $26 mark as it prepares for another swing high. The price is likely to close above that level this week or even in the coming week.
Solana held support at $23 and remained in the middle of consolidation for the past few days. Although a potential surge in volatility is likely to occur sooner than later.
Despite the low trading volume in the market, the setup still looks bullish on the daily time frame. As a matter of fact, it has started to show a sign of strength in the 4-hour time frame with higher highs and higher lows formation.
These past weeks of recovery could peak at $30 before Solana can make a nice retracement. The mentioned price level coincides with the channel’s resistance, which has suppressed buying pressure for the past months.
A clear break above the channel could trigger more positive actions, which may lead to a big rice movement on the macro level. The break, at the same time, will validate a bull run from a mid-term perspective.
On the other hand, rejecting the channel’s resistance would confirm the much-anticipated retracement movement to provide a discount. Solana is currently down by 2% with a market cap of $9 billion as per coinmarketcap data.
Solana’s Key Level To Watch Out For
Before surging to the key target level at $30, it would need to break through the current holding resistance of $26 to $28 along the way on the lower time frame. The resistance above this key level is $33.5 and perhaps $39 in the future.
In case of a retracement, the closest level to consider as support is this week’s low of $22.3 and the important level of $20.4. The subsequent supports to keep in mind are $189 and $15.12.
Key Resistance Levels: $26, $28, $30
Key Support Levels: $22.3, $20.4, $18.9
- Spot Price: $24.5
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: skorzewiak/123RF // Image Effects by Colorcinch
