- Critical Support: The level of $19.80 is critical for Solana. Strong buying demand from this level allowed the SOL price to recover from its previous decline.
- Upside Potential: If the SOL price can stay above the mentioned support level, it has the potential to rise towards the targets of $20.93 and then $21.53.
- Risks and Downside: Daily closes below the $19.80 support can deepen the downtrend and trigger a move towards the support range of $17.50 – $16.27. Investors should pay attention to the closes at these levels.
Currently, the SOL price is trading around $20.30 and has experienced a decrease of more than 3.50% on a daily basis. According to the analysis, daily closes below the level of $19.80 can extend the downtrend to the range of $17.50 – $16.27.
Medium-Term SOL Analysis
Daily SOL/USD Price ChartWhen examining Solana’s daily technical chart, it was stated in the analysis conducted on August 22nd that the level of $19.80 is of critical importance and that if strong buying reactions are encountered from this level, an uptrend could occur. The SOL price experienced a decline to the mentioned region on August 22nd and then made a strong upward movement, providing readers with a gain of 11%.
Currently, the Solana price is moving at the level of $20.30 and has experienced a decrease of more than 3.50% today. The SOL price is following a trajectory close to the support of $19.80. It is observed that daily closes below the mentioned level of $19.80 can extend the downtrend to the critical support range of $17.50 – $16.27.
However, if the SOL price encounters strong buying demand from the support range of $17.50 – $16.27, it can initiate an uptrend from this critical support level and rise towards the level of $19 and then to the $22 levels.
Short-Term SOL Analysis
When examining Solana’s short-term technical chart, it can be seen that the nearest support level is $20. The SOL price, if it receives strong buying reactions from the mentioned orange support zone, has the potential to initiate its uptrend from this support level and move towards $20.93 first and then to $21.53.
However, if the SOL price makes 2-hour closes below the level of $19.85, there is a possibility of continuing the downtrend. As long as SOL remains below $19.85, it can extend its decline to the range of $19.30 – $19.
If Solana makes hourly closes below $19.22, there is a possibility of extending its decline to the level of $18.46. SOL investors should pay special attention to the closing movements at the support and resistance levels mentioned in the analysis.
