Can Solana (SOL) Start Its Rise from the Support Zone?

• When examining Solana’s daily chart, daily candlestick closures above the resistance level of $17.71 can be considered as an important bullish signal.
• If SOL price holds onto the support zone between $15.95 and $15.25, the important resistance levels for the targeted upward movement are $18.78 and $21.34.
• A strong breakout above the blue resistance zone indicated on Solana’s daily chart can push the SOL price up to $24.5.

When examining Solana’s daily technical chart, an analysis is presented that evaluates bullish and bearish scenarios along with important resistance and support zones.

Medium-Term Solana Price Analysis

Daily SOL/USD Price Chart

When examining Solana’s daily technical chart, it can be seen that it has advanced to the $17.71 levels with an upward movement starting from the daily support zone.

If the SOL price fails to achieve daily candlestick closures above the $17.71 level, it is stated that the downward movement can continue to the range of $15.95 – $15.25. However, if the Solana price manages to hold onto this support zone, it can initiate the upward movement from this range and reach the levels of $18.78 and then $21.34.

If the SOL price achieves daily candlestick closures above the blue resistance zone mentioned in the analysis, it is stated that it can continue the upward movement up to $24.5. However, it is emphasized that it first needs to reverse from the mentioned support zone and achieve daily candlestick closures above the resistance zones.

Short-Term SOL Price Analysis

3-Hour SOL/USD Price Chart

When examining Solana’s technical chart on lower timeframes, it is observed that an important resistance zone is encountered at $17.74 and the downward movement starts after this level is broken with selling pressure.

If Solana’s price cannot surpass the $17.74 resistance level, it can continue the downward movement until the $16.18 levels. If the SOL price achieves a candlestick closure below the $16.18 level, it can extend the downward movement to $15.69.

In addition, if there is a significant decrease in Bitcoin price, Solana can drop to the $15.03 levels. This level is an important support zone where many large whales are waiting to buy Solana.