Solana Price Set for 17% Upswing As Buyers Reclaimed Crucial Support
While the selling pressure in the crypto market eased off, the Solana coin price bounded back from the $17.25 support on March 10th. The bullish reversal surged the coin price by 21.65% in the last four days and pushed it above the $20 psychological level. Thus, the SOL price behavior at this $20 mark will determine its new future price,
Key Points
- Amid market recovery, the Solana coin price managed to reclaim the $20 level
- The SOL price sustainability above the $20 mark could encourage buyers for a 30% upswing
- The 24-hour trading volume in the Solana coin is $1.3 Billion, indicating a 193% gain.
Source-Tradingview
On March 8th, the Solana coin price broke through a psychological support zone of $20. The post-breakdown downfall plunged the coin price 15% where it reached the combined support of 0.5 Fibonacci retracement level and $17.25.
However, with the sudden increase in buying pressure in the crypto market, the SOL price rebounded and immediately recovered the breakdown loss. The altcoin also reclaimed the $20 level offering buyers another opportunity to sustain a higher level.
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The Solana coin price currently trades at $20.58 with an intraday gain of 1.88%. If the coin price manages to sustain above the $20 mark, the buyers could drive the recovery rally to $22.3, followed by $26.8.
The $26.8 monthly has registered bullish growth for over two months and thus the potential buyer should remain cautious if the price hits this level.
Technical Indicator
RSI: The daily RSI slope on the verge of entering the bullish territory above the midline indicates the market sentiment is restoring.
EMAs: the daily EMAs(20, 50, and 100) hovering just above the $20 resistance indicates multiple barriers against buyers on the road upwards.
Solana Coin Price Intraday Level
- Spot price: $20.5
- Trend: Bullish
- Volatility: Medium
- Resistance levels: $22 and $0
- Support levels: $20 and $17.2
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