October 20, 2023 at 01:46 AM GST 1 min read News
  • SOL struggles to clear the $25 resistance, experiencing a downside correction.
  • Despite the correction, SOL remains above the $22.00 pivot level, displaying positive signals.
  • Solana’s immediate resistance lies at the $24.00 level, with a potential surge towards $30 if it successfully breaks the $25.00 resistance barrier.

Despite experiencing a recent downside correction while struggling to clear the $25 resistance zone, Solana (SOL) has displayed remarkable resilience, leaving investors and enthusiasts cautiously optimistic about the potential for a surge toward the coveted $30 mark.

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In the face of market volatility akin to what Bitcoin has witnessed, Solana’s journey has been nothing short of intriguing. The price of SOL formed a high at $24.82 but faced hurdles as it attempted to breach the $25 resistance barrier, which serves as a pivotal milestone for the cryptocurrency. However, the bears made their presence known, driving SOL below key levels such as $24.20 and $22.00.

While this correction seemed to signal a temporary setback, SOL managed to hold its ground above the $22.00 pivot level, instilling a sense of confidence in its supporters. Notably, it is currently trading above $23.00 and the 100 simple moving average over a four-hour period, suggesting that the digital asset still holds potential for a bullish trajectory.

SOL’s immediate resistance is situated around the $24.00 level, with the $25.00 zone being the ultimate challenge to overcome. A successful breach of the $25.00 resistance level could act as a catalyst for a more substantial surge, with the next key resistance point emerging near $28.50. Should this momentum continue, there is even the possibility of SOL reaching the highly anticipated $30 milestone.

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