The Solana (SOL) price is currently at a crucial turning point, which will be of decisive importance for the coming weeks. If the SOL bulls manage to leap above the currently most important resistance, a rally of up to 40% could be on the cards. If the bulls lose the upper hand, another plunge of up to 21% could be imminent.
Crucial Moment For The SOL Price
An analysis of the 1-day chart using Fibonacci retracements shows that the SOL price is at a pivotal point for the coming weeks. At the time of writing, SOL was trading at $19.19, just below the 38.2% Fibonacci retracement level. So far, SOL bulls have failed to break above this level at $19.72.
If successful, the price level above $21, at which SOL was trading before the U.S. Securities and Exchange Commission (SEC) classification of the Solana token was announced, would again be within reach. A bit further up, the 200-day Exponential Moving Average (EMA) awaits the SOL price at $22.05 – an indicator often described as a “bull
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