Solana is currently consolidating just below the $180 level after a strong rally, encountering noticeable resistance as buyers try to sustain momentum. Although the overall trend remains bullish, upward movement is on pause as the cryptomarket is trading sideways. Buyers are still in control but are struggling to push SOL above this key barrier, resulting in the price trading in a range in the previous trading sessions.
At the time of writing, Solana is trading at $178.7, up by 1%, in the past 24 hours. Along with this price increase, the total market cap of Solana reached $92.36 billion, with a 24-hour trading volume of $3.39 billion.
In this overview, we will analyse the key technical levels and trend directions for Solana to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Solana Chart Analysis & SOLUSD Price Action.
After a strong bullish rally, Solana had a sharp correction and is currently trading at $178.7. If the price manages to break the first level of support at $173.9, we can see a bearish trend. The next level of support is observed at $171.0. If the price fails to hold this level, we can observe a free fall to the next support to $164.48.
On the upside movements, we can observe key resistance levels at $178.15, $183.72 and $187.7. If price manages to break the first resistance levels, we can observe further price movements to the next resistance levels.
In Closing
Currently, Solana is expecting a bullish breakout in the next trading sessions after a rangebound movement in the previous trading session. If the price of the cryptocurrency successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels remain intact, the market may shift into a bearish trading session.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
