Solana is surging above $20 in opposition to the US Dollar. SOL worth may lengthen its rally above the $26 and $30 resistance ranges within the close to time period.
- Sol worth began a contemporary enhance above the $20 and $22 ranges in opposition to the US Dollar.
- The worth is now buying and selling above $22 and the 100 easy shifting common (4-hours).
- There is a serious bullish pattern line forming with assist close to $23.05 on the 4-hours chart of the SOL/USD pair (information supply from Kraken).
- The pair may rise additional if it stays above the $22.00 and $20.00 assist ranges.
Solana Price Rallies Over 10%
This week, solana worth fashioned a base and began a gentle enhance above the $20 degree. There was a powerful enhance above the $22 resistance zone, much like bitcoin and ethereum.
The bulls even managed to pump the worth above the $25 resistance. It traded to a brand new yearly excessive at $26.54 earlier than there was a minor draw back correction. There was a decline beneath the $24 degree. The worth declined beneath the 50% Fib retracement degree of the upward wave from the $20.20 swing low to $26.54 excessive.
Sol worth is now buying and selling above $22 and the 100 easy shifting common (4-hours). There can be a serious bullish pattern line forming with assist close to $23.05 on the 4-hours chart of the SOL/USD pair.
The pair is now buying and selling comfortably above the 61.8% Fib retracement degree of the upward wave from the $20.20 swing low to $26.54 excessive. The worth is now rising and up over 8%. On the upside, an instantaneous resistance is close to the $25 degree.
Source: SOLUSD on TradingView.com
The first main resistance is close to the $26.50 degree. The subsequent main resistance is close to the $28 zone, above which the worth may rise in the direction of the $30 barrier. Any extra good points may ship the worth in the direction of the $35 degree.
Dips Attractive in SOL?
If SOL fails to clear the $26.50 resistance, it may begin a draw back correction. An preliminary assist on the draw back is close to the $24 degree.
The first main assist is close to the $23.00 degree and the pattern line. The subsequent main assist is close to the $21.70 degree. If there’s a draw back break beneath the $21.70 assist, the worth may take a look at the following key assist at $20.
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 degree.
Major Support Levels – $24, $23 and $20.
Major Resistance Levels – $25, $26.50 and $30.
