Solana rallied over 20% and surpassed $15 against the US Dollar. The SOL price is showing positive signs and may rise above the $16.80 resistance.
- The Sol price started to increase fresh above the $12 and $15 levels against the US Dollar.
- The price is currently trading above $15 and the moving average is 100 simple (4 hours).
- There is a break above the main bearish trend line with resistance near $10.20 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could rise again if it stays above the $14.50 and $14.10 support levels.
Solana price gains Bullish Momentum
Last month, the price of solana experienced a strong decline from the resistance zone of $ 15. There was a drop below the support level of $ 12.50 and $ 10 to move to the bearish zone again.
The price was traded as $7.96 and recently started to increase fresh. There is a strong move above the resistance levels of $10 and $12. In addition, there is a break above the main bearish trend line with resistance near $10.20 on the 4-hour chart of the SOL/USD pair.
The price of Sol is currently trading above $15 and the moving average is 100 simple (4-hours). The price is more than 20% and shows positive signs, similar to bitcoin and ethereum.
Source: SOLUSD on TradingView.com
Trading above the 23.6% Fib retracement level of the move up from the $12.87 swing to the $16.77 high. On the upside, immediate resistance is near the $16.80 level. The first major resistance is near the $17 level. The next major resistance is near the $18 zone, above which the price may rise to the $20 barrier. Another gain could send the price to the $25 level.
Downsides Supported in SOL?
If the SOL fails to clear the $16.80 resistance, it may initiate a downward correction. Initial support on the downside is near the $15.80 level.
The first major support is near the $14.75 level. It is near the 50% Fib retracement level of the move up from the $12.87 swing low to the $16.77 high. The next major support is near the $14.10 level. If there is a downside break below the $14.10 support, the bear can even push the price below $13.50.
Technical Indicators
4-Hour MACD – The MACD for SOL/USD is rising in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is currently in the overbought zone.
Key Support Levels – $15.80, $14.75 and $14.10.
Key Resistance Levels – $16.80, $18 and $20.