Despite spending the majority of 2023 in the sideways lane, Solana maintains a year-to-date growth of 112%. One of the few blue-chip crypto to maintain a triple-digit YTD growth, the SOL price trend promises a short-term recovery rally.
Currently, the SOL price remains trapped in a falling channel, a 24% correction drops the crypto to $20. With buyers attempting to bounce the SOL price back higher, the bullish wave prepares a launch from the support trendline.
Currently trading at $20.72, SOL price suffers a 4.45% drop, losing its recent gain in the market recovery, fueled by Grayscale’s legal win. Despite the 24-hour crash, the SOL coin price clings to the 38.20% Fibonacci level.
Moreover, a short-coming support trendline creates a demand confluence with the 38.20% Fibonacci level.
Coming to the technical indicators, the MACD indicator highlights a bullish signal with a positive crossover. The daily RSI line struggles to cross above the halfway line while maintaining a recovery.
Considering the buyers manage to hold off the correction above the support confluence at $20, the SOL prices are set to skyrocket. The bullish wave will rechallenge the resistance trendline at $23 and potentially reach $28 with a breakout.
On the flip side, a breakdown below $20 will mark a bearish stage for Solana, starting a deeper correction. With a 10% drop, the downtrend can test the bullish dominance at $18.45.
