In just two weeks, Solana doubled its price and continued to show signs of strength. The price skyrocketed to a month’s high on Monday, dropped slightly, and remained calm.
During the late 2022 crypto market meltdown, Solana crashed to $8 and quickly bounced back above the $10 mark. It closed the yearly price around the mark level and entered into 2023 on a bullish note.
Cumulatively, the price has increased by over 100% since the recovery started. Following the surge in volatility, the price quickly rallied through $15 to tap $17.5 on Monday and dropped slightly to where it is changing hands at $16.
SOL will likely consolidate above this flip level for a while before it makes another swing high. Losing this level, however, would signal a potential pullback before it picks up again.
A drop below the mentioned yearly mark level might cause serious havoc to the price. Although, there would still be a buying opportunity if the recovery level remains solid.
Having said that, the asset can still go up to $26 if the buyers continue to take advantage of the current positivity in the market. Unfortunately, the price is still trapped in a channel over the last seven months.
Solana’s Key Level To Watch Out For
The $15.1 level remains a crucial support level for the buyers to refuel momentum. If they fail there, there is still hope at $11. The last support level to watch for a rebound is $8 – the recent recovery level. It will target $5 if this level collapses.
Meanwhile, Solana still looks bullish, and there is more room for an increase on the daily scale. If it retakes the weekly high of $17.5, the closest resistance level is spotted at $18.9. Above it lies $22 and $26 without any stop-over.
Key Resistance Levels: $18.9, $22, $26
Key Support Levels: $15.1, $11, $5
- Spot Price: $16
- 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.
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