Solana is recovering above the $16 resistance in opposition to the US Dollar. SOL value may rise steadily towards the $20 resistance if Bitcoin climbs above $30,800.
- SOL value is displaying optimistic indicators above the $16 stage in opposition to the US Dollar.
- The value is now buying and selling above $15 and the 100 easy transferring common (4 hours).
- There is a significant bullish development line forming with assist close to $16.05 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
- The pair may proceed to maneuver up except there’s a shut beneath $14.40.
Solana Price Recovers 10%
In the previous few days, Solana’s value began a contemporary improve from the $13.00 assist zone. Recently, Bitcoin and Ethereum noticed a gentle improve, sparking optimistic strikes in Solana and Cardano.
The bulls had been capable of push SOL above the $14.40 resistance zone. There was a detailed above the $16.00 resistance. However, the value confronted resistance close to $17.75, and the 50% Fib retracement stage of the important thing decline from the $22.31 swing excessive to the $13.00 low.
SOL is now buying and selling above $15 and the 100 easy transferring common (4 hours). There can also be a significant bullish development line forming with assist close to $16.05 on the 4-hour chart of the SOL/USD pair.
On the upside, quick resistance is close to the $17.75 stage. A transparent transfer above the $17.75 resistance may ship the value towards the $20 resistance. It is near the 76.4% Fib retracement stage of the important thing decline from the $22.31 swing excessive to the $13.00 low.
Source: SOLUSD on TradingView.com
An in depth above the $20 stage may resend the value towards the $21.20 resistance zone. Any extra good points may ship the value towards the $22.40 stage.
Fresh Decline in SOL?
If SOL fails to clear the $17.75 resistance, it may begin a contemporary decline. Initial assist on the draw back is close to the $16.00 stage and the development line.
The first main assist is close to the $14.40 stage, beneath which the bears may acquire energy. In the said case, the value could maybe decline towards the $13.00 assist. The subsequent main assist is close to the $12.20 stage.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is dropping tempo within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $16.00, and $14.40.
Major Resistance Levels – $17.75, $20.00, and $21.20.
