The Solana price rose significantly in mid-June, but a recent correction phase has brought it back below $22, where it has found firm support. The technical prognosis is now bearish, implying a likely minor dip before a possible turnaround.

In the previous week, the altcoin attempted to climb from the support level, but the bullish momentum faded. Despite the possibility of a rally due to a demand zone below $22, a fresh resistance level at $25 may pose a hurdle.

As Bitcoin fell into the $29,000 range, other cryptocurrencies saw their charts fall as well. Overall market strength is critical for SOL to reverse its trajectory. The declining market capitalization of SOL suggests that sellers maintain price control.

SOL was trading around $22.80 at the time of writing, displaying resilience around a strong support zone. Although a dip from this level may entice buyers, there is a chance that the altcoin may fall below the $20 barrier. If buyers enter the market, the next resistance levels will be $23 and $25.

Once the $25 price level is breached, Solana may aim for $30, implying a 36% increase. SOL, on the other hand, must avoid sliding below $20, as this would negate any bullish comeback. The volume of SOL traded decreased in the previous session, indicating a fall in buying strength.

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Red histograms were seen in the Moving Average Convergence Divergence (MACD) indicator, which gauges price momentum and trend changes. This reading was associated with sales indications. Despite this, the sell signals were rather brief, implying that the cryptocurrency may experience some purchasing strength in future trading sessions.

The Directional Movement Index (DMI), which signals price direction, on the other hand, remained negative. The -DI (orange) line was placed above the +DI (blue).


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