Solana Price is Poised for 15% Growth as Buyers Break this Key Barrier

SOL Price Prediction: On April 11th, the Solana price rebounded from combined support of $20.4 and a breached resistance trendline. The resulting recovery surged the SOL price by 15% and pierced the immediate resistance of $22.75. This breakout offered buyers a significant footing to trigger a fresh recovery rally. 

Key Points

• The recent correction in Solana price managed to rebound before the 38.2% Fibonacci retracement level indicating a healthy correction for a prolonged bull run.
• The momentum indicator RSI surged back above the midline reflecting the increasing buying pressure in the market.
• The 24-hour trading volume in the Solana coin is $470.2 Million, indicating a 10.4% gain.

Source-Tradingview 

A bullish breakout from the long-coming resistance has set the Solana price for a sustained bull run The recent correction in SOL price amid the broader market sell-off validates the buyers’ sustainability above the breached resistance, indicating the buyers are defending the reclaimed levels.

Moreover, the replenished bullish momentum breached an immediate resistance of $22.75 providing an additional confirmation for price recovery. Today, the Solana price trades at $23.32 with an intraday loss of 0.09%, 

This retest offers an additional entry opportunity to interested traders to ride a potential rally of 20% and hit the $26 resistance.

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However, the aforementioned resistance aligned with the 200-day EMA stands as a crucial supply zone that interested traders must watch for. Moreover, as per the Fibonacci extension tool, the potential rally may surge the coin price to 34% higher to hit $38.5(100% FIB).

Technical Indicator

Moving Average Convergence Divergence: Despite the recent correction, the MACD(blue) and signal(orange) manage to sustain above the midline keeping the overall market trend bullish. Moreover, a bullish crossover between these slopes offers a buy signal to potential.

Exponential Moving Average: With the recent growth, the coin price reclaimed the daily EMAs(20, 50, and 100) offering an additional confirmation for long buyers.

Solana Coin Price Intraday Level

• Spot price: $23.28
• Trend: Bearish
• Volatility: Medium
• Resistance levels: $26-26.75 and $30.5
• Support levels: $20 and $17.5