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.

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.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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