Following last month’s rebound from a channel’s lower boundary, Solana retraced and found support above $20. It initiated a fresh buy and resumed buying this week. So far, it posted 35% gains in 7 days.
Solana advanced bullish this week after taking undergoing a short correction earlier this month. This explosion came after locating support at $21 last week, followed by a quick bounce to the $22.5 level before breaking through on Monday.
It encountered resistance at a two-month high of $25 that same day and paused the rally due to a slight rejection. The price dropped a bit from there and further broke through this high to reach $29.9 today.
Looking at the latest surge in volatility, Sol appears to be targeting the upper boundary of the ascending channel, as shown on the daily chart.
The current daily rejection may slow down buying for a while as it could undergo a short retracement before bouncing back. But if Sol further pushes higher, we can expect more rally to play until it encounters solid resistance.
Right now, there are no signs of sellers in the market. If they show up, the mid-week’s breakout level may come as a pullback point for a retest. Based on coinmarketcap metrics, it is currently the top-gainer of the market with a daily 9% increase in the last 24 hours.
SOL’s Key Level To Watch
As the $30 level suppressed buying pressure today, the next resistance level to keep an eye on for a break is $32, followed by $34 – which lies at the upper boundary of the channel.
The $29 level currently provides support on the lower time frame. If the price dips, the closest support for pullback would be $27.18 and $24.84, marked as mid-week breakup level. Below it lies $22.5.
Key Resistance Levels: $30, $32, $34
Key Support Levels: $27.18, $24.8, $22
- Spot Price: $29.2
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.