The price of Solana (SOL) has decreased during the last five weeks as a result of a downward trendline. But on June 20th, coin buyers demonstrated a bullish breakout from his dynamic resistance, signaling a chance for traders to profit. The persistent purchasing should give buyers more confidence to break over the immediate resistance level of $48.3 and go toward the $59 level.
However, on June 20th, the SOL price rebounded from the $26 level and broke through the dynamic resistance trendline amid the positive market attitude. The post-retest rally increased buyer demand and encouraged them to push through the $37.5 horizontal resistance level.
According to the technical setup, buyers should push the altcoin 44 percent higher to $59 if the SOL price demonstrates resilience over the $37.5 flipped support.
The phoney breakout would also force-liquidate the aggressive buyers and send the coin price down to the $27–26 support, representing a 33.6 percent loss, if the sellers were to lower the SOL price below $37.5.
The general downturn for the SOL/USDT pair is highlighted by the super-trend indicator.
Indicators of buying activity for long positions show a steeper surge than price movement in the OBV indicator.
The MACD indicator slope rising, in contrast to price movement, denotes an increase in underlying bullishness. Moreover, the fast and slow line nearing a crossover above the midline offers an extra edge to long trades.