- Solana (SOL) was able to print a 24-hour gain of 1.49% to trade at $19.49.
- The altcoin was in the process of flipping the $19.49 resistance level into support.
- SOL’s price could rise to $19.933 if it is able to successfully turn $19.49 into support.
Solana (SOL) was able to print a 24-hour gain according to CoinMarketCap. At press time, the altcoin’s price stood at $19.51 after it increased 1.49% over the past day. This positive price movement was unable to flip SOL’s weekly performance into the red, however, which remained in the red at -3.26%.
In addition to strengthening against the dollar, SOL was also able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH). At press time, the crypto was up 0.14% against BTC and 0.09% against ETH. Furthermore, SOL was trading closer to its 24-hour high of $19.54.
4-hour chart for SOL/USD (Source: TradingView)
SOL’s price had broken above the $19.49 resistance level and had also broken above the 9 EMA and 20 EMA lines on the 4-hour chart. Should the altcoin’s price close today’s trading session above the $19.49 mark, it will have a clear path to rise to the next key resistance at $19.933.
Technical indicators on the 4-hour chart were flagging bullish, with the RSI line trading above the RSI SMA line and the 9 EMA line looking to cross bullishly above the 20 EMA line. A confirmation that SOL’s price will rise to the aforementioned $19.933 target in the coming days will be when the 9 EMA line on the 4-hour chart crosses above the longer EMA.
On the other hand, if SOL’s price closes a daily session below $19.49 over the next 48 hours, then it will be at risk of dropping to the next major support level at $19.093. There was some sell pressure present at press time as bears were attempting to push the altcoin’s price back below the current support level.
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