Solana is correcting gains from the $25 resistance against the US Dollar. SOL price remains supported and might aim for a fresh rally toward $30.
- SOL price started a downside correction after it failed to clear the $25 resistance against the US Dollar.
- The price is now trading above $23.00 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could start a strong rally if it clears the $24 and $25 resistance levels.
Solana Price Remains In Uptrend
After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.82 and recently started a downside correction, like Bitcoin.
There was a move below the $24.20 and $22.00 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $20.94 swing low to the $24.82 high. There is also a key contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair.SOL is now trading above $23.00 and the 100 simple moving average (4 hours). It is now showing positive signs and remains supported above the $22.00 pivot level.
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