The #solana coin has experienced a chainsaw movement during the last two months, forming the basic structure of the range-bound movement. The consolidation phase is restricted to the $27 and $20 levels, indicating the range's main barrier.
On March 8th, the price of Solana coin experienced a significant drop below the psychological support level of $20.00. This sudden decline unleashed a bearish momentum that had been building up within the market range. As a result, buyers faced additional resistance in their efforts to gain control of the trend, putting pressure on sellers to make a move.
After reaching the breakdown point, the value of Solana plummeted by 12%, ultimately landing at the combined support zone of the 0.50 Fibonacci retracement level and $17.5.
Solana's price has dropped significantly from its previous high of more than $23.50. The bears gained control and drove the price below the critical support level of $22.00, triggering a bearish trend similar to Bitcoin and Ethereum.
The price even plummeted below the $20.00 support zone and heavy selling seen in solana and then breached the $17.50 support levels the price dropped and a low was formed near $16.00. Currently, the price is trading near $17.50 and the 50-hour simple moving average.
As per #priceanalysis , Firstly, there is immediate resistance at $18.20, which might prove to be a significant obstacle for traders to overcome. After this, the next major resistance is around $19.00. The most important resistance zone, however, is located at $20.00. If the price manages to break over this level, it may potentially hit $21.00, with further gains pushing it towards $21.80.
If SOL fails to break over the $19.00 resistance, it may fall further. On the downside, the initial support is at the $16.70 level, with the first significant support near the $16.00 level. After that, the next significant support level is at $15.00. If the price falls below the $13.00 level, it may challenge the next important support level at $12.00.
KEY LEVELS :
RESISTANCE LEVEL : $18.50-$20.00
SUPPORT LEVEL : $16.50-$15.00
#crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research #dyor and assess the risks involved before investing in any market.
