SOL-“Trendlines; Next Resistance”

1-Day Analysis:

Big Picture: The bulls once again return with aggression. Despite trading below vital supports for multiple sessions, sellers were unable to cause a significant price breakdown. In the meanwhile, the bulls have remained firm and are now pressuring price towards a rebound. Solana’s outlook could improve further if it breaks above the trendline resistances, eventually escaping the downtrend, even if only temporarily.

On the Upside price surpassing the 19.65 level has put it on track to challenge the 20.30 level. This horizontal resistance of 20.30 almost corresponds to the trendline resistances. If price achieves a sustainable breakthrough, Solana could trigger a nice breakout towards 21.20, followed by 22.05.

On the Downside the level of 19.65 is to be re-established as support. Solana sustaining this level will protect price from any sell-offs while provide strength to attempt higher levels. However, if Solana is unable to convert this level into a meaningful support, the momentum could derail. Losing 19.65 exposes Solana back towards the 19.30 to 19.20 levels, which have also just been re-established as supports.