The price of Solana is presently above $29.94, which has served as a reliable support level after a brief slide below it.
If buying pressure kicks up once more, this kind of purchase pressure might climb by 22% to $39.02. The bullish argument will be disproved below $27.62, which might lead to a retest of $25.76. The price of Solana (1) has surpassed a crucial support level, enhancing the possibility of an upward trend. Investors need to wait for a push over a significant barrier to open the door for bulls to move higher.
Price of Solana at a Critical Juncture
Solana's price fell below the $29.94 to $39.02 range on October 19; however, it climbed back above it after the FOMC meeting on November 2. (2). The rebound indicates that SOL is anticipated to increase; as a result, this movement suggests a promising future for SOL. The point of control, or level with the highest volume of trading since April 2, is located above at $32.48. Customers will have more freedom to push the price of Solana toward the $34.48 and $39.09 barriers if this barrier is successfully transformed into a support floor.
SOL, where the potential is limited, would experience a 22% upsurge as a result of this movement. Although it is difficult to move over this level, a significant increase might take this uptrend to $44.45. Therefore, before taking any action, investors should wait for the Solana price to surpass the $32.48 level.
Even though the price of Solana is rising, a breakdown of the range low at $29.94 will show a lack of interest in buying. If SOL continues to produce daily candlestick closes below $27.62, this trend will lead to a lower bottom and refute the bullish argument. The so-called "Ethereum-killer" may break through the $25.76 resistance level as a result of this trend, allowing SOL bulls to regroup and make their optimistic prediction once more.