SOL Has Consolidated and May Breakout Towards the Upside
- SOL’s price starts today’s trading session off in a tight consolidation channel.
- The altcoin may look to breakout in the next 24 hours if it is able to close above the current channel.
- At press time, the price of SOL is trading at around $22.67 according to CoinMarketCap.
The Ethereum-killer, Solana (SOL), has experienced flat trading activity at the start of today’s trading session. This is after SOL’s price, like the prices of many other cryptos in the market, experienced a sharp drop over the last 24 hours.
4-hour chart for SOL/USDT (Source: TradingView)
SOL’s price is currently trading in a tight consolidation channel between $22.50 and $22.98 on its 4-hour chart. The altcoin’s price may continue to consolidate in this range for the next 24 hours before receiving a significant price pump in the next 48 hours.
Should SOL’s price close a 4-hour cycle above $22.98 within the next 24 hours, then the next upside target for the altcoin will be around $23.97. SOL’s price does, however, have to overcome the 9 EMA line on its 4-hour chart, which is currently acting as resistance, before traders and investors can confidently go long on the altcoin.
This bullish thesis will be invalidated if SOL’s price closes below $22.50 within the next 24 hours, however. Should this happen, the altcoin’s price will only have the minor support level at $22.19 left before dropping down to the latest bear market prices at sub $21.27.
At press time, SOL’s price is trading around $22.67 according to CoinMarketCap. This is after it printed a 24-hour loss of just over 7%. This 24-hour loss has also flipped the altcoin’s weekly price performance into the red – taking SOL’s weekly price performance down to -6.29%.
SOL was also outperformed by the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 3.26% and 1.19% respectively over the last 24 hours. As a result, 1 SOL is worth approximately 0.0007844 BTC and 0.01161 ETH.
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