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Solana Price Analysis & Prediction (Feb 21st) – SOL Remains Bullish but Trapped in a Nine-Month Channel, Up by Weekly 9%

Michael Fasogbon by Michael Fasogbon
February 21, 2023
in News
Reading Time: 3 mins read
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solana price analysis prediction

Solana (SOL)

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Solana saw a bounce off $20 a week ago and added a $4 gain to its price. Half of this gain has been washed away in the past hours due to a bearish reaction. More losses are expected if the bulls fail to regroup.

As expected, Solana retested the $24.2 level following a 7-day recovery. This price level saw rejection yesterday with a bearish candle, which brought the price to a close of $22.3 – last week’s breakdown level.

The asset has increased by a few cents today with a trading price of $22.5. The buyers are trying to push the price off that solid level. Even though they successfully advance the price, they could encounter hurdles around the channel’s resistance at $26.7 – marked as a two-month high.

A significant surge above the 9-month channel will take SOL completely out of the bear box and launch it into a bull run.

In the opposite direction, a continuous drop from the current trading level will trap the price more in the box. Such a scenario could make the price fall to as low as $11.

Solana will continue to remain bearish in the long-term perspective as long as it continues to respect this descending channel. The price is still down by 80% in a year.

Solana’s Key Level To Watch Out For

solana price analysis prediction
Source: Tradingview

The market structure reveals that SOL is still bullish on the daily chart. Retaking yesterday’s rejection level, SOL will still need to flip the two-month high – a clear breakout of the channel – to validate a continuation of the bullish trend. The $30 and $33.5 resistance levels are key targets in case of a breakout.

On the downward range, last week’s rebound level – $20 – remains a crucial support for a breakdown. Below it lies hidden support at $18.9 and $17.7 before slipping to $15.1.

Key Resistance Levels: $26.7, $30, $33.5

Key Support Levels: $20, $17.7, $15.1

  • Spot Price: $22.6
  • Trend: Bullish
  • Volatility: Moderate

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

Image Source: valedol/123RF // Image Effects by Colorcinch

Tags: solana
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