Solana is surging above against the US Dollar. SOL price could extend its rally above the and resistance levels in the near term.
- Sol price started a fresh increase above the and levels against the US Dollar.
- The price is now trading above and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near .05 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
- The pair could rise further if it stays above the .00 and .00 support levels.
Solana Price Rallies Over 10%
This week, solana price formed a base and started a steady increase above the level. There was a strong increase above the resistance zone, similar to bitcoin and ethereum.
The bulls even managed to pump the price above the resistance. It traded to a new yearly high at .54 before there was a minor downside correction. There was a decline below the level. The price declined below the 50% Fib retracement level of the upward wave from the .20 swing low to .54 high.
Sol price is now trading above and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near .05 on the 4-hours chart of the SOL/USD pair.
The pair is now trading comfortably above the 61.8% Fib retracement level of the upward wave from the .20 swing low to .54 high. The price is now rising and up over 8%. On the upside, an immediate resistance is near the level.
Source: SOLUSD on TradingView.com
The first major resistance is near the .50 level. The next major resistance is near the zone, above which the price might rise towards the barrier. Any more gains might send the price towards the level.
Dips Attractive in SOL?
If SOL fails to clear the .50 resistance, it could start a downside correction. An initial support on the downside is near the level.
The first major support is near the .00 level and the trend line. The next major support is near the .70 level. If there is a downside break below the .70 support, the price might test the next key support at .
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – , and .
Major Resistance Levels – , .50 and .