- SOL price can enter an uptrend with strong buying demand towards the support range of $22.51 – $21.34.
- At levels of $33, SOL is positioned as the first target in the event of a potential rise.
- Closing below the $21.34 level on a daily basis may indicate a continuation of the downtrend and a movement towards the support of $19.33.
Distinct support and resistance levels are noticeable in Solana’s price chart. The recent performance of the price leads us to focus on the critical support range of $22.51 – $21.34. Monitoring these levels will provide a roadmap for investors.
Medium-Term SOL Analysis
When examining Solana’s daily technical chart, it can be seen that the price exhibits a downward trend towards the significant support range of $22.51 – $21.34. The SOL price may have the potential to initiate an upward movement from this support range.
If SOL encounters strong buying demand from the $22.51 – $21.34 range, it can continue its rise from this support range up to the $33 levels. Many Solana whales expect the price to drop to this support range.
If the price reaches the aforementioned support range, daily closings below the $21.34 level can be considered as a stop point, and spot investments can be taken into account in this case. Solana’s initial upward target will be the $27.14 level.
However, if the SOL price performs daily closings below the $21.34 level, it can continue the downtrend towards the $19.33 support. At this point, if the price encounters strong buying demand from the $19.33 support, it has the potential to continue its rise first to the $21.34 level and then to the $24 levels.
Short-Term SOL Price Chart
When examining Solana’s short-term technical price chart, it can be seen that the price has risen back to the $24.65 levels with buying demand from the significant support range at $24.
If the SOL price continues to maintain 2-hour candlestick closings above the $24 level mentioned in the analysis, it can continue its rise from this area up to the $26.85 levels. However, Solana needs to achieve voluminous candlestick closings above the blue trend line mentioned in the analysis and maintain stability above the $24 level.
If the SOL price achieves 2-hour candlestick closings above the $26.85 level, it can extend the next upward movement to the $28.58 levels. However, if the SOL price performs 2-hour candlestick closings below the $24 level, it may want to realize the downward movement towards the $22.60 levels mentioned in the analysis.
Solana investors should carefully monitor the specified support and resistance levels and make trading decisions accordingly.
