Solana price action will get boring unless one of these levels is broken

Solana price is trading inside a symmetrical triangle with liquidity resting on either side of it.
Although SOL came close to breaking out, it was rejected and pushed into two barriers, where it is likely to consolidate.
A daily candlestick close below $38.22 will trigger a bearish breakout to $31.66.

Solana price shows a slow takeover of the bears after bulls managed to move the asset higher. Due to Bitcoin’s sudden sell-off, altcoins, including SOL, have taken a major hit. If the momentum does not sway in a particular direction, the so-called “Ethereum-killer” will possibly be stuck ranging within two barriers.

Solana price oscillates with no directional bias

Solana price has produced higher lows and lower highs, indicating a massive squeeze for SOL. However, the recent attempt to move higher set a lower high at $43.77 on August 8. Currently, the altcoin is trading between the $44.37 and $38.22 barriers.

Although there might be an attempt to partially recover the recent losses, the market is currently skewed toward bears. Therefore, investors should prepare for a Solana price consolidation between the aforementioned barriers followed by a breakdown of the $38.22 support level.

Doing this is likely to trigger a 17% crash in SOL, allowing it to revisit the $31.66 foothold. While this level will serve as support, there might be a sweep due to the liquidity resting below it. In a dire case, where this level is broken, Solana price might revisit the $24.52 weekly support level and, in the process, collect the sell-stop liquidity resting below the wicks formed between June 13 and June 19.

SOL/USDT 1-day chart

On the other hand, if Solana price manages to bounce off the $38.22 support level and breach the $47.43 hurdle, it will indicate a breakout and invalidate the bullish thesis. In such a case, SOL price could attempt to collect the buy-stop liquidity resting above the wicks formed between May 15 and May 31.

This development could see Solana price retest and perhaps sweep the $59.31 resistance level.

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