Solana

Resistance

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/solana-sol-price-attempting-for-a-comeback-can-it-reach-the-crucial-resistance-above-25/">Solana (SOL) Price Attempting for a Comeback: Can it Reach the Crucial Resistance Above $25?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Solana’s price has been displaying its strength since the start of the year after withstanding massive FUD earlier. The volumes remain elevated, which suggests the token could experience increased volatility soon, which may help the price reach the desired levels. The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SOL price</a> has not been trading much these days but definitely seems to be the spotlight for the rest of Q4 2023.
Crypto has been displaying massive strength since the start of the year. However, here’s why it is expected to remain within the consolidation zone for another couple of months.
After the huge 80% dump, it was speculated that Solana could be dropped to nuts as it marked lows below $10. However, the start of the year was extremely bullish, driving the price above 230%. Now that the price has been trading close to the gains, a push could lift it above the year-highs soon.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/QMTXgwt4__vxxksl2UQoHlmOBh9K2HTwYRn0-nJx5_oabY0lMupNFSXFX8lpO9xC0Yfhabzx7GsrNdGb4wWcMs9EpnF2dghbcsLqopuskneAuuWTqO_DdOWx2A77inaEojKo7o3R23X3uzonfHyvWZE" alt="">
</figure>
The SOL price has been trading in an ascending triangle as it has faced rejections around the same levels since the beginning of the year. The price has been failing to hold above $25, which has now become one of the crucial zones to clear. Besides, the RSI is about to reach the overbought levels, which displays the signs of a fresh rejection, preventing the price from reaching the crucial zone. In case of a bearish reversal, the 200-day MA at $21.14 could offer the base to trigger a rebound.
As the SOL price has been trading along the lower trend line, it is speculated that the crypto may follow the trend ahead. Therefore, a narrow consolidation between $22 and $24 may be extended for a long time, beyond 2023, as no major price change could be expected until the trend reaches the apex of the ascending triangle.
However, a bullish breakout beyond the upper resistance may occur at frequent intervals, but the bears may leave no stone unturned to restrict the price as they appear to have capitulated at these levels for a long time.

Solana (SOL) Price Attempting for a Comeback: Can it Reach the Crucial Resistance Above $25?

CoinPedia News

Other articles published on Oct 19, 2023

Mysterious Ethereum Whale Dumps $22 Million Worth of ETH After 2021 Bull Run

AI Holds Promise for Faster and More Accurate Cancer Diagnosis

Atomic Wallet and Chainalysis Join Hands to Seize $2M Following Suspicious Deposits

Aptos Faces Critical Downtime on Its One-Year Mainnet Anniversary

Shiba Inu Coin: Will it Rise? Current SHIB Price Analysis

CTAS Stock (NASDAQ: CTAS) Made Double Top, Will CTAS Retest $500?

Join our free newsletter for daily crypto updates!