Still, the price is at a key support, an ascending trendline (black) that has proven directional since the December 28, 2022 low at $7.98. A retracement could wipe out the uptrend and trigger another drop to $20. On the other hand, a break above the 200-day EMA currently at $25.13 could turn the chart picture in favor of the bulls.<\/p>\n Solana rose to $25.96 in mid-April, but could not sustain the breakout above the 200-day EMA. In order to start a new attempt towards the north, Solana must break above $22.78 on a daily closing basis. If a stabilization above this resistance level succeeds, the buy side could again target the 200-day EMA.<\/p>\n Only when this major trend line is broken dynamically, the yearly high at $27.13 comes into focus, where the 38.2% Fibonacci level is also located. If the Bitcoin price also rises to a new high for the year at this point, the SOL price could shoot straight up to the $30.44 resistance level.<\/p>\n However, Solana is likely to make a stop here. The next target area after a consolidation would then be the 50% Fibonacci level at around $33.<\/p>\n![\"Solana](\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/04\/SOLUSD_2023-04-26_09-54-14.png?resize=3625%2C1672\")
SOL Bull Case Prevails<\/h2>\n