solana It recorded a strong rise last weekend and approached $25. The price is trading at $24.30, up another 15% in the last 24 hours. With the latest increase, SOL has become the seventh largest cryptocurrency by market value, surpassing Dogecoin and Cardano.
Taking a look at what happened before things got to this level will also reveal some important levels. Solana price showed a steady rise, surpassing the $23.20 resistance and outperforming Bitcoin and Ethereum with a 15% increase. altcoin It struggled with resistance at $24.50, posting a high near $24.47 before entering a consolidation phase. SOL price is maintaining a strong position well above the 23.6% Fibonacci retracement level formed from the upside swing between the $18.75 low and $24.47 high.
The immediate upside resistance is located around $24.50, followed immediately by $25, which acts as a very strong resistance. A decisive break above the $25 resistance could push the price towards the $27.20 resistance, with the next major hurdle located near $28.80. Further gains could potentially push the price towards the $30 level.
However, if Solana fails to establish support above $24.50 and $25.00, the chances of a corrective move will increase. An initial support on the downside is near the $23.20 level and the corresponding trend line.
The first major support level is around $21.50, corresponding to the 50% Fibonacci retracement level calculated from the upward move from the low of $18.75 to the high of $24.47. If the support closes below the $21.50 level, the price could decline towards the $20.50 support level. In such a scenario, there is a risk of further declines towards the $20.00 support level in the near term.
While the SOL price is rising, Solana is also showing strong growth in the DeFi market. The total value locked on the Solana blockchain rose to $338.82 million, a 2023 high.
