Chart by TradingView.
Solana’s price reversed after finding support. Will it last?
Key Support levels: $17
Key Resistance levels: $20
The price managed to hold above the $17 support and buyers started to show interest again. This led the price into a relief rally in the past few days. However, the resistance at $20 may stop any bullish momentum since sellers could return there.
Despite this bounce, the price is still found in a major downtrend. Unless Solana breaks above $20 and turns that level into support, the bias remains bearish. Watch closely the level at $20 as it will be decisive.
The histogram on the daily MACD has been making higher lows which opens up the possibility of a sustained reversal later on. The moving averages also appear keen to do a bullish cross a second time this month. It is too early to turn bullish, but these are promising signs.
The bias for SOL is bearish so long the resistance holds.
Expect a test of the resistance at $20. Any failure there and Solana will likely continue its downtrend. If so, watch the support levels at $17 and $15.
