Solana [SOL] nters a neutral position- Here are key levels to consider
reclaimed the $28k price range. In particular, SOL was up 5% in the past 24 hours but was yet to recover last week’s losses.Notably, SOL shed about 6.5% in the past seven days after BTC fell to the $27k price zone and could experience significant volatility, especially early next week due to the FOMC meeting.Since 22 April, SOL’s price action oscillated between the dynamic 50-EMA and 200-MA – denoting indecision among buyers and sellers.
If the 50-EMA remains flat, an extended price consolidation could be likely for a while. The RSI and OBV were also flat, reinforcing the consolidation possibility. But the downsloping 200-MA indicate sellers still had the upper hand, at press time. As such, SOL could oscillate between $19.97 and $23.81 in the next few days/weeks. Such a scenario could offer potential gains by targeting the range’s upper and lower levels. A surge beyond $23.81 could set SOL to retest the supply level at $26, especially if BTC reclaims the $29k.
However, a daily close below the 200-MA and the $19.97 support will indicate increasing weakness in the market. A breach of these two levels could easily set the SOL/USDT pair to sink to the March swing low of $16.
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