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Solana Price Skyrockets by 15%: Cryptocurrency Market Surges with SOL Momentum
Solana started a fresh increase above the 0 resistance. SOL price is up nearly 15% and might continue to rise if it clears the 5 resistance.
- SOL price recovered higher and tested the 2 resistance against the US Dollar.
- The price is now trading above 0 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at 8 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could clear the 5 resistance unless it fails to stay above 8.
Solana Price Starts Fresh Surge
Solana price formed a support base near the 8 level and started a fresh increase. SOL outperformed Bitcoin and Ethereum and moved into a positive zone above the 0 level.
There was a break above a key bearish trend line with resistance at 8 on the hourly chart of the SOL/USD pair. The pair even 5 resistance and spiked above 2. A new weekly high was formed at 3.76, and the price is now consolidating gains.
It is holding the 23.6% Fib retracement level of the upward move from the 1 swing low to the 4 high. Solana is now trading above 0 and the 100 simple moving average (4 hours).
Immediate resistance is near the 5 level. The next major resistance is near the 2 level. A successful close above the 2 resistance could set the pace for another major increase. The next key resistance is near 0. Any more gains might send the price toward the 8 level.
Are Dips Supported in SOL?
If SOL fails to rally above the 0 resistance, it could start a downside correction. Initial support on the downside is near the 8 level. The first major support is near the 2 level.
The 50% Fib retracement level of the upward move from the 1 swing low to the 4 high is also at 2, below which the price could test 0. If there is a close below the 0 support, the price could decline toward the 8 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – 8, and 2.
Major Resistance Levels – 5, 2, and 0.
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