Solana Price Analysis: SOL Veers Closer to $22 as Downtrend Continues

Solana

Solana (SOL) is experiencing a lot of pullback from the massive increases it saw a few weeks ago. The coin is currently on a downtrend and is veering closer to testing critical supports as it continues.

In recent times, it slipped below $26 with relative ease. The bulls tried defending $24 as it held out for two days before it broke.

A look at the chart suggests that the asset is heading to flip another critical. However, tracing the most recent downtrend, we noticed a bull flag that may play out positive for the asset in the coming days. Nonetheless, many ask how low it will go before the recovery.

Solana may Break $22

Currently trading at $23, the downtrend is present at the time of writing. A closer look at the current intraday session, the altcoin dipped to a low of $22.7 before recovery. This is clear evidence that it may retest $22.

However, this mark is critical but not one of the strongest barriers. Based on previous price movements, it functioned better as resistance. On a few occasions when it served as support, it held out for less than 24 hours before breaking.

The same may happen this time. If this takes place, the next critical barrier to watch closely is $20. Like the previous mark, it is not one of the toughest positive barriers. However, it has a longer history of holding out despite several attempts.

Nonetheless, the altcoin has started several uptrends from this level. With this in mind, the barrier under consideration may be one of the few to bank on.

If that fails, the next critical mark to watch is $18. It is currently the toughest on the list. It remains to be seen how prices may react after testing it.

Following a rebound from one of the highlighted marks, Solana may attempt to break the $26 resistance.

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