Solana is showing a bullish sign above $15 against the US Dollar. The price of SOL could extend the rally above the $18 and $20 resistance levels.
- The Sol price started to increase fresh above the $15 and $16 levels against the US Dollar.
- The price is currently trading above $16 and the 100 simple moving average (4-hours).
- There is a key bullish trend line formed with support near $15.90 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could rise again if it stays above the $15.00 and $12.80 support levels.
Solana Price Eyes More results
This week, the price of solana formed a base and started a steady increase above the $14 level. There is a strong rise above the $15 resistance zone, similar to bitcoin and ethereum.
Bulls can even pump the price above the $16.50 resistance. It traded to a new yearly high of $17.47 and is now consolidating its gains. There was a minor correction below the 23.6% Fib retracement level of the upward wave from the $12.70 swing low to the $17.47 high.
Sol price is currently trading above $16 and 100 simple moving average (4-hours). There is also a key bullish trend line formed with support near $15.90 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $17.50 level. The first major resistance is near the $18 level. The next main resistance is near the $18.80 zone, above which the price can rise to the $20 barrier. Another gain can send the price to the $25 level.
Attractive Dips in SOL?
If SOL fails to clear the $18 resistance, it may initiate a downward correction. Initial support on the downside is near the $16.35 level.
The first major support is near the $15.00 level and the trend line. It is near the 50% Fib retracement level of the upward wave from the $12.70 swing low to the $17.47 high. The next major support is near the $14.10 level. If there is a downside break below the $14.10 support, the price may test the next key support at $12.80.
Technical Indicators
4-Hour MACD – The MACD for SOL/USD is rising in the bullish zone.
4-Hour RSI (Relative Strength Index) – RSI for SOL/USD above the 50 level.
Major Support Levels – $16.30, $15.00 and $14.10.
Key Resistance Levels – $17.40, $18 and $20.