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Solana Price Analysis & Prediction (May 25th) – SOL is Losing Grip at $20, Prepares For A Big Sell-off

Michael Fasogbon by Michael Fasogbon
May 25, 2023
in News
Reading Time: 2 mins read
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As most lower-cap coins fell to their four-month low some weeks back, Solana consolidated and traded tightly above a key support level. It slipped below that level yesterday with a slow bearish build-up.

After plunging to a multi-month low two weeks ago, SOL remained calm throughout last week following a bearish slowdown across the crypto market. But it started to show signs of weakness last weekend. 

The $20 key support level, which serves as a solid defense line for the bulls appears to be losing its grip after holding for months. Last weekend saw that support stylishly bridged due to a minor daily drop. Although the drop is not yet noticeable as SOL may reclaim it back if it sees a small daily gain. 

While that support level has become a tough area for the bears to conquer, it may continue to hold firm if the bulls show a strong reaction. A small daily gain could also restore that support quickly for a bounce. 

However, losing that support this week could result in a big shakeout that is capable of bringing the price to as low as $10 within a short period. The price is still far from its four-month as the sellers build up for actions. 

In the middle of the build-up, it has seen a 1.1% drop in the last 24 hours to $19.7. More losses are likely to surface if the price continues to fall by the day.

SOL’s Key Level To Watch

solana price analysis prediction
Source: Tradingview

The closest support level to keep in mind for a drop is $18.7. Pushing lower, the subsequent level to consider as support is the $17 level and potentially $15 on the short-term perspective. 

If SOL climbs back above the mentioned key support level, we can start to consider an increase to $21.5. The following resistance level for a test lies at $23.1 and $25.

Key Resistance Levels: $20, $21.5, $23.1

Key Support Levels: $18.7, $17, $15

  • Spot Price: $19.7
  • Trend: Bearish
  • Volatility: Moderate

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

Tags: solana
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