• SOL price is up over 15% and trading above the $17.50 resistance zone.
• The bulls pumped the price above the 50% Fib retracement level of the main decline from the $22.30 swing high to the $13.00 low.
• If there is a clear move above $22.30, Solana could rise toward the $24.50 resistance zone or lower towards the $16.20 support.
SOL Price Overview
Solana’s SOL is rising from the $15.50 zone as it cleared a key declining channel with resistance near $16.90 on the 4-hour chart and settled above the 50 simple moving average (blue, 4 hours). It is up over 15% in a day outperforming Bitcoin and Ethereum and might surge further toward its major resistance at around $22 if it clears another major resistance at around $19.35 level in daily close basis .
Upside Resistance
For upside movement, SOL bulls are facing a major hurdle near the $19.35 level before reaching its next major resistance at around $20 zone or 76.4% Fib retracement level of its main decline from its all time high of $22.30 to its low of 13$. Once it clears this hurdle then further rally can be expected which may even take it to test 25$ pivot level .
Downside Support
If Solana fails to clear 19$ then it might start downwards correction and test 18$ support . In such case first major support lies near 17$ and 50 simple moving average (blue, 4 hours) . Any more losses may open doors for drop towards 15$.
Conclusion
SOL price is gaining pace above 18$ however there are hurdles before reaching 22$. If bulls remain in action then steady drift can be expected towards 22$ while any failure can cause bearish corrections with 16$ being first strong support .
Takeaways
• SOL price is up over 15%. • Clear move above 22$ could take SOL upto 24$. • Failure to clear 19$ may lead bearish corrections with 16$, 17$, 15$ being supports respectively