bulls need to strengthen above $20

• Solana (SOL) worth traded to above $20.00, hitting $20.50 after bouncing off $18.40 earlier this month.
• Can bulls make the most of optimistic sentiment for Solana to interrupt increased?

Solana worth has reached a key technical stage, with the 24-hour upside to $20.50 retesting a 10-day excessive that’s an space of a earlier assist and resistance. With practically 4% improve prior to now 24 hours, Solana is outperforming all the highest ten cryptocurrencies by market cap besides XRP.

Bitcoin is again under $27k after newest SEC delays of selections on a number of spot ETF functions, together with that of BlackRock. Ethereum, buoyed by information of itemizing of the Valkyrie ETH futures ETF to close $1,700, has bounced decrease too whilst whales place themselves for a probable upswing.

What’s the outlook for Solana, an altcoin with a market cap of $8.3 billion? 

SOL worth: what subsequent for bulls?

SOL worth’s uptick at this time comes as SOL bulls plot to remain above an ascending trendline assist that’s anchored on the December 2022 buffer zone round $9.60.

As could be seen on the every day chart under, Solana has bounced increased (not good) off the optimistic trendline. The worth motion follows this week’s breakout from the downtrend line marked by the decline from July 2023 peak of $32.40.

The flipside of the above situation is Solana worth breaking decrease past the $18.80 demand zone. Elevated sell-side liquidity on this space might push SOL to round $17.60. From right here, bulls might depend on the probably assist close to $14.50.