Solana rallied over 20% and surpassed $15 towards the US Dollar. SOL worth is displaying optimistic indicators and may rise additional above the $16.80 resistance.
- Sol worth began a recent enhance above the $12 and $15 ranges towards the US Dollar.
- The worth is now buying and selling above $15 and the 100 easy shifting common (4-hours).
- There was a break above a serious bearish pattern line with resistance close to $10.20 on the 4-hours chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might rise additional if it stays above the $14.50 and $14.10 assist ranges.
Solana Price Gains Bullish Momentum
This previous month, solana worth noticed a powerful decline from the $15 resistance zone. There was a drop under the $12.50 and $10 assist ranges to maneuver right into a bearish zone once more.
The worth traded as little as $7.96 and not too long ago began a recent enhance. There was a powerful transfer above the $10 and $12 resistance ranges. Besides, there was a break above a serious bearish pattern line with resistance close to $10.20 on the 4-hours chart of the SOL/USD pair.
Sol worth is now buying and selling above $15 and the 100 easy shifting common (4-hours). The worth is up over 20% and is displaying optimistic indicators, just like bitcoin and ethereum.
Source: SOLUSD on TradingView.com
It is buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $12.87 swing low to $16.77 excessive. On the upside, a direct resistance is close to the $16.80 stage. The first main resistance is close to the $17 stage. The subsequent main resistance is close to the $18 zone, above which the worth may rise in direction of the $20 barrier. Any extra positive aspects may ship the worth in direction of the $25 stage.
Downsides Supported in SOL?
If SOL fails to clear the $16.80 resistance, it might begin a draw back correction. An preliminary assist on the draw back is close to the $15.80 stage.
The first main assist is close to the $14.75 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $12.87 swing low to $16.77 excessive. The subsequent main assist is close to the $14.10 stage. If there’s a draw back break under the $14.10 assist, the bears may even push the worth under $13.50.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is presently within the overbought zone.
Major Support Levels – $15.80, $14.75 and $14.10.
Major Resistance Levels – $16.80, $18 and $20.
