As of now, the Solana price stands at $24.14 USD and has seen a 12.30% increase in the past 24 hours. The market cap is $9,968,271,088 USD, with a live ranking of #7 on CoinMarketCap.

The circulating supply of SOL coins is 412,985,489, and the maximum supply is currently unknown. Trading volume in the last 24 hours has been recorded at $815,308,173 USD.

The value of Solana is experiencing a surge above the $23.50 resistance level compared to the US Dollar. The SOL price could increase even more if it exceeds the $25.00 resistance area.

  • SOL price has increased over 15%, indicating a potentially bullish trend against the US Dollar.
  • However, the price is below $23.00 and the 100 simple moving average (4 hours). On the 4-hour SOL/USD pair chart, a key bullish trend line is forming with support near $23.10 (data source from Kraken).
  • If the pair surpasses the $25 resistance zone, it could rise even higher.

Solana (SOL) Surges as Market Recovers: Latest Price Analysis

Over the last few days, Solana’s value has established a solid foundation of support above $18.80. Following its ability to surpass the resistance zone at $22, SOL significantly increased in value, reaching both Bitcoin and Ethereum with a steady rise above the resistance level at $23.20.

The coin has increased by over 15%, with a $24.50 resistance level test resulting in a high of $24.47. SOL is consolidating gains, maintaining a position well above the 23.6% Fib retracement level of the upward swing from its low of $18.75 to its high of $24.47.

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The 4-hour SOL/USD chart is trading below $23.00 and the 100 simple moving average, with a key bullish trend line emerging around $23.10.

SOL/USD price chart – source: trading view

The price faces initial resistance at around $24.50, with a significant obstacle at the $25.00 level. A decisive breakout above $25 could lead to a surge towards $27.20 and possibly $28.80. Further gains may even take the price to the $30 mark.

Exploring the Prospects of SOL Amidst Recent Downside Correction

Should SOL fail to rise above the $24.50 and $25.00 levels, it may trigger a downward correction. The initial support on the downside can be found near the $23.20 level and the trend line. The primary support level is situated around the $21.50 mark or the 50% Fib retracement level from the $18.75 swing low to the $24.47 high.

A break below the $21.50 support may cause the price to decline towards the $20.50 support, which could result in further downsides towards the $20.00 support in the short term.

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