Solana (SOL) price is once again trending higher after a pullback in last month. The native asset of Solana ecosystem, SOL crypto, retested its $19.70 resistance recently but failed to break above this level. Consequently, the cryptocurrency is now trading at $18.84.
On Wednesday, SOL price plummeted to fresh weekly lows as the Bitcoin price fell below Monday lows. Ethereum and Litecoin also showed a negative price action as the altcoins experienced a strong sell-off. Even after repeated attempts, Bitcoin has failed to gain any strength above $30,500 level.
Last month, SEC filed lawsuits against Binance and Coinbase, which are the biggest crypto exchanges in the world. The US regulator also labeled many cryptocurrencies as unregistered securities in these lawsuits, and Solana was one of them. Solana price plummeted immediately after the news.
However, SOL recovered in a few days as the buyers stepped in below $15. Consequently, the price is now 48% up from the June lows. The latest analysis shows that the price is currently retesting a major resistance level which may result in a retrace.
Technical analysis of SOL price chart reveals that the coin needs to break above its $19.70 resistance level to aim further upside. A reclaim of this level can potentially propel the price toward $25, where lies the yearly high and a strong resistance level.
This bullish Solana price prediction is only possible if the price breaks above $19.70. In the event of rejection from this level, bears may target $16 once again. Bitcoin’s breakdown below $30,000 may act as a catalyst for such a move. The biggest cryptocurrency is struggling to hold the critical level of $30,500 right now.
I’ll keep posting my updated SOL analysis and my personal trade setups on Twitter, where you are welcome to follow me.
This post was last modified on Jul 05, 2023, 16:37 BST 16:37