Solana is displaying bullish indicators above $15 in opposition to the US Dollar. SOL worth might lengthen its rally above the $18 and $20 resistance ranges.
- Sol worth began a recent improve above the $15 and $16 ranges in opposition to the US Dollar.
- The worth is now buying and selling above $16 and the 100 easy transferring common (4-hours).
- There is a key bullish pattern line forming with help close to $15.90 on the 4-hours chart of the SOL/USD pair (information supply from Kraken).
- The pair might rise additional if it stays above the $15.00 and $12.80 help ranges.
Solana Price Eyes More Gains
This week, solana worth fashioned a base and began a gradual improve above the $14 stage. There was a powerful improve above the $15 resistance zone, just like bitcoin and ethereum.
The bulls even managed to pump the worth above the $16.50 resistance. It traded to a brand new yearly excessive at $17.47 and is at the moment consolidating beneficial properties. There was a minor correction beneath the 23.6% Fib retracement stage of the upward wave from the $12.70 swing low to $17.47 excessive.
Sol worth is now buying and selling above $16 and the 100 easy transferring common (4-hours). There can be a key bullish pattern line forming with help close to $15.90 on the 4-hours chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, a direct resistance is close to the $17.50 stage. The first main resistance is close to the $18 stage. The subsequent main resistance is close to the $18.80 zone, above which the worth would possibly rise in the direction of the $20 barrier. Any extra beneficial properties would possibly ship the worth in the direction of the $25 stage.
Dips Attractive in SOL?
If SOL fails to clear the $18 resistance, it might begin a draw back correction. An preliminary help on the draw back is close to the $16.35 stage.
The first main help is close to the $15.00 stage and the pattern line. It is close to the 50% Fib retracement stage of the upward wave from the $12.70 swing low to $17.47 excessive. The subsequent main help is close to the $14.10 stage. If there’s a draw back break beneath the $14.10 help, the worth would possibly take a look at the following key help at $12.80.
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 above the 50 stage.
Major Support Levels – $16.30, $15.00 and $14.10.
Major Resistance Levels – $17.40, $18 and $20.
