Solana Price at Critical Juncture Aims 30% Rally if Buyers Break this Key Resistance

The Solana price gradually narrowing between the long-coming resistance trendline and horizontal support of $19.2 indicates a decisive breakout is nearby. A possible breakout from either of these levels will release the build-up momentum and set a directional rally on the respective side. Here’s how you may grab the potential rally in SOL price.

Key Points

• The Solana coin price between the resistance trendline and $19.2 has now entered a trading zone
• The SOL price breakout from either of the aforementioned levels will signal a direction rally.
• The 24-hour trading volume in the Solana coin is $316 Million, indicating a 26% loss.

Source-Tradingview                                               

In the daily time frame, the Solana price is activity respecting two technical levels which are a long-coming resistance trendline and $19.2 support. Over the past eleven months, the Solana price has been receiving active resistance from this downsloping trendline, giving a particular direction to down-trending crypto.

However, with the recent increase in uncertainty among market participants, the sellers are struggling to prolong this downtrend, and the price has turned sideways above the $19.2 support. Thus, over the past three weeks, the coin price resonating between the falling trendline and $19.2 support created a confined range.

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By the press time, the Solana price traded at the $20.6 mark and had nearly reached the confluence point of our aforementioned technical levels indicating a breakout is nearby.

Thus, a potential breakout from the overhead resistance will signal an early sign that market sentiment is turning from selling on rallies to buying the dip. Furthermore, the post-breakout rally may drive SOL to its first target of $27, registering 30% potential growth.

Conversely, a breakdown below $19.2, may tumble the prices by 17% to reach the $16 support. 

Technical Indicator

RSI: The daily RSI slope wobbling around the midline accentuates an unclear trend in the market.

EMAs: the coin price moving below the trend-defying 100-and-200-day EMAs accentuates the broader market trend as bearish. 

Solana Coin Price Intraday Level

• Spot price: $20.7
• Trend: Bearish
• Volatility: High
• Resistance levels: $22.5 and $27
• Support levels: $19.2 and $16