Solana Price Analysis & Prediction (May 1st) – SOL is Likely to Repeat This Pattern From $20, Watch out For Breakout Soon

2023-5-2 09:48

Solana is up 2.70%, with a little volatility over the last 24 hours. It recently found support and appeared to be building up for a fresh increase. But the volatility looks low right now.

Following the neutral-bearish mode over the past few days, SOL found a solid level at $20 during Wednesday’s surge and held it as support. The buyers seem to be showing up again following yesterday’s price close above $22.

Although they are yet to reiterate actions today as buying volume is still low. Pushing through the $23 level could pave the way for a steady rally.

However, it’s essential to note that SOL has continued to form multiple bullish patterns on the daily chart to launch a big price movement in the coming weeks. One of them is the ascending triangle pattern that footed recovery from last December. A similar move is likely to play from $20. We can see several retests on the ascending trendline as well.

Another bullish pattern to pay attention to is the forming head and shoulder pattern, which is almost reaching completion. Meanwhile, SOL may face a critical supply zone, marked orange in the chart below.

Overcoming that zone will allow a quick push towards last November’s high. But as it appears now, things are slowing down from the bulls’ side as expected. 

Inversely, a notable drop beneath the Wednesday low will mark the beginning of a fresh decline, invalidating all the bullish patterns pointed out earlier. On a year-to-date outlook, SOL remains up by over 100%.

SOL’s Key Level To Watch Source: Tradingview

As SOL attempts to bounce back, the nearest resistance level for retest lies at $23.9, followed by the critical supply zone held at $26.77. Flipping through that zone provides more buy to $28, $30 and $33.5 respectively.

Below the holding $20 support, lower levels to consider for drops lie at $18.7 and $17.

Key Resistance Levels: $23.9, $26.77, $30

Key Support Levels: $20, $18.7, $17

Spot Price: $22.4 Trend: Bullish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: vasilyrosca/123RF // Image Effects by Colorcinch

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