Solana Tests Critical Support Level Amid Growing Bullish Momentum, $SOL Price Analysis

Solana ($SOL) is reportedly experiencing a crucial juncture near an important support level. As per Ali, a prominent crypto analyst, the price of Solana ($SOL) is testing a prominent support level in an upward parallel channel. Solana’s price is up to $193.69. This point is just above the respective channel’s lower boundary. This reportedly underscores a noteworthy make-or-break point for the crypto asset.

Solana ($SOL) Tests Key Support Level with Potential to Trigger Bullish Recovery

The crypto analyst considers that the current testing of the notable support level highlights a significant development. Solana ($SOL) is maintaining the position thereof above the critical Fibonacci retracement spots. Importantly, the Fibonacci retracement point at 0.618 level (nearly $202.84) and Fibonacci retracement at $202.84 are essential in defining resistance a support zones. Hence, the support level’s effective defense could lead to a momentum necessary for a bullish recovery. This could reportedly target for $295.60 within the near term.

Solana ($SOL) Statistical Price Analysis

At present, $SOL is changing hands at $197.10. This figure shows a 0.46% dip over the past twenty-four hours. Additionally, the 7-day performance of the crypto asset points toward a 12.08% slump. On the other hand, the 30-day price performance of Solana highlights a 4.63% upsurge in total. However, the market capitalization and 24-hour trading volume of Solana have also recorded substantial dips. In this respect, $SOL’s market cap is $96.09B and its 24-hour trading volume is $2.73B, showing 0.36% and 41.09% decreases respectively.

Holding Price Above Support Level Could Lead to $387, $SOL Price Prediction

According to the crypto analyst, Solana’s potential to hold the above-mentioned support level could trigger an upsurge to $387. If purchasing pressure grows, Solana ($SOL) could rise above the resistance level of $202.84. Nonetheless, the market sentiment of the crypto sector will reportedly play a notable role in determining the upcoming move of Solana. A potential rise in buying pressure could push $SOL to surge above the resistance level of $202.84. On the other hand, a failure to hold support level at $179.63 could ignite a deeper price correction.