These Crucial Levels Will Determine If Solana Price Could Rally 28% or Tumble 17%

SOL price prediction: Amid the ongoing recovery in the crypto market, the Solana coin price has been strictly resonating between a long-coming resistance trendline and a local support zone of $19.6-$19.2. This consolidation phase can be considered as an on-trading zone but the coiled-up price may outburst to a significant price movement. Here’s how you can trade the upcoming breakout.

Key Points

• The Solana price will prolong the ongoing downtrend until the overhead trendline is intact
• A potential bullish breakout from the trendline resistance will be an early sign for trend reversal.
• The 24-hour trading volume in the Solana coin is $280 Million, indicating a 21% loss.

Source-Tradingview

Over the last ten months, the Solana coin price has witnessed active selling at a downsloping trendline. Whenever the coin price meets this dynamic resistance, the selling pressure rises which triggers a prolonged correction. 

However, on March 24th, the coin price turned down from this resistance trendline but couldn’t breach local support of $19.6-19.2. As the uncertainty in the crypto market increases, the SOL price spread has been limited between the aforementioned levels. 

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Thus, a decisive breakout from either the trendline or $19.2 support will be the key factor to determine the upcoming trend in the Solana coin.

Therefore, if a potential breakout gives a daily candle closing above the trendline, the build-up buying pressure will surge the Solana price 28% higher to hit $26.9.

On a contrary note, a breakdown below $19.2 will intensify the selling pressure and lead the prices to 17% down to hit $16.                            

Technical indicator

Relative Strength Index: The daily RSI slope wavering around the midline accentuates indecisiveness among market participants. 

Exponential Moving Average: the flattish EMAs(20, 50, and 100) indicates a sideways trend in solana price

Solana Price Intraday Level

• Spot price: $20.95
• Trend: Bearish
• Volatility: High
• Resistance levels: $22.5 and $27
• Support levels: $19 and $16