Solana price could nearly double once SOL bulls can shatter this barrier

Solana price rose from October 20 to October 25, setting up two new higher highs. The buying pressure failed to sustain SOL, however, leading to a correction and a lower low. While the altcoin is trying to recover, a failure to do so could result in a steep correction.

Solana price stuck between a rock and a hard place

Solana price rose 41%, starting October 25, and set up two higher highs and an all-time high at $218.93. However, the buying pressure failed to continue, leading to a 19% decline, creating a lower low at $176.94. While Solana price has recovered roughly 10% since this point, it is still traversing the supply zone ranging from $188.69 to $200.13.

As long as SOL stays inside this supply zone, it will have no directional bias, indicating that it could head either way.

However, a decisive close above $200.13 will indicate that the buyers are making a comeback.

In this scenario, Solana price will head towards the range high at $220.21, a decisive daily candlestick close above which, will confirm the start of a new uptrend.

Under this circumstance, SOL has the chance to tag the 161.8% trend-based Fibonacci extension level at $384.08. This ascent would constitute a 100% upswing.

SOL/USDT 12-hour chart

While the bullish outlook for Solana price is based on the assumption that it produces a daily candlestick close above $200.13, things will turn sour if it fails to do so.

On the flip side, if Solana price produces a close below $188.69, it will indicate that the buyers are weak and the bears are taking over.

In such a case, Solana price will drop at least 9% to retest the 5% Fibonacci retracement level at 170.01. If the selling pressure continues to pour in, Solana price is likely to revisit the $155.78 support floor. This downswing would constitute roughly a 17% downswing from $188.69, where the buyers might decide to restart the uptrend.