Solana rose above $20 against the US Dollar. The price of SOL may extend the rally above the resistance levels of $26 and $30 in the near term.
- The price of Sol started to increase fresh above the $20 and $22 level against the US Dollar.
- The price is currently trading above $22 and the 100 simple moving average (4-hour).
- There is a major bullish trend line formed with support near $23.05 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could rise again if it stays above the $22.00 and $20.00 support levels.
Solana Price Up More Than 10%
This week, the price of solana formed a base and started a steady increase above the $20 level. There is a strong rise above the $22 resistance zone, similar to bitcoin and ethereum.
Bulls can even pump the price above the $25 resistance. It traded to a new yearly high of $26.54 before a minor downward correction. There is a decline below the $24 level. The price declined below the 50% Fib retracement level of the upward wave from the $20.20 swing low to the $26.54 high.
The price of Sol is currently trading above $22 and the moving average is 100 simple (4-hours). There is also a major bullish trend line formed with support near $23.05 on the 4-hour chart of the SOL/USD pair.
The pair is currently trading comfortably above the 61.8% Fib retracement level of the upward wave from the $20.20 swing to the $26.54 high. The price is now rising and up over 8%. On the upside, immediate resistance is near the $25 level.
Source: SOLUSD on TradingView.com
The first major resistance is near the $26.50 level. The next major resistance is near the $28 zone, above which the price may rise to the $30 barrier. Another gain could send the price to the $35 level.
Attractive Dips in SOL?
If the SOL fails to clear the $26.50 resistance, it may initiate a downward correction. Initial support on the downside is near the $24 level.
The first major support is near the $23.00 level and the trend line. The next major support is near the $21.70 level. If there is a downside break below the $21.70 support, the price may test the next key support at $20.
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.
Key Support Levels – $24, $23 and $20.
Key Resistance Levels – $25, $26.50 and $30.