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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/sol-price-analysis-sol-price-under-retest-will-buyers-rise-past-20/">SOL Price Analysis: SOL Price Under Retest, Will Buyers Rise Past $20?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Following the January gains, SOL price action has been sideways, with multiple corrections and bounce-backs. Nevertheless, <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">Solana prices</a> are still up 99% year-to-date. However, the recent correction from $28 warns of a steeper correction rally as the overall market feels the bearish pressure.&nbsp; 
With the ongoing correction rally gaining momentum, the SOL price breaks under the multiple support levels. Moreover, the bearish pressure fractures the support trendline prominent in the 1-day chart.&nbsp; 
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During the 30% drop from the recent swing high, SOL price breaks below $20 along with a support trendline and the 38.20% Fibonacci level. The downtrend action creates a falling channel pattern and recently displays positive sprouting from the support trendline.&nbsp; 
The short-phased recovery retests the broken support levels overnight with a 3.79% jump, creating an engulfing candle.&nbsp; 
Currently trading at $19.92, the SOL price displays a post-retest reversal from the 38.20% Fibonacci level at $20.65. With an intraday loss of 1.63%, the Solana price may soon break under the base of the falling channel pattern.&nbsp; 
Failing to sustain the golden crossover, the correction rally abruptly ends the growing trajectory of the 50 and 200-day EMAs. 
As buyers struggle to rise above $20 or the 38.20% Fibonacci level, the SOL price may find the post-retest reversal gaining momentum. If the downtrend breaks below the support trendline, the SOL price may plunge to $16.42 or the 61.80% Fibonacci level.&nbsp; 
On the flip side, a recovery rally above $20 will signify a positive cycle within the falling channel. This may improve the chances of an uptrend and reach the $23.60 mark.&nbsp; 
 
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SOL Price Analysis: SOL Price Under Retest, Will Buyers Rise Past $20?

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