Solana started strong increase above the 5 resistance. SOL price is up over 10% on the ETF hopes and it might rise further toward 2.
- SOL price started a steady increase and cleared the 2 resistance against the US Dollar.
- The price is now trading above 2 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at 2 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could correct lower and find bids near the 0-2 zone.
Solana Price Starts Fresh Rally On ETF Fillings
Solana price formed a base above the 5 level and started a fresh increase. SOL broke many hurdles near the 5 and 0 levels to move into a positive zone. It gained over 10%, cleared the 5 resistance, and outperformed Bitcoin and Ethereum.
A high was formed at 0.93 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the 5 swing low to the 1 high.
Solana is now trading well above the 2 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at 2 on the hourly chart of the SOL/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the 5 swing low to the 1 high.
If there is another increase, the price might face resistance near the 0 level. The next major resistance is near the 2 level. A successful close above the 2 resistance could set the pace for another steady increase. The next key resistance is near 2. Any more gains might send the price toward the 5 level.
Are Dips Supported in SOL?
If SOL fails to rise above the 2 resistance, it could start another decline. Initial support on the downside is near the 5 level.
The first major support is near the 2 level and the trend line, 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 – 5, and 2.
Major Resistance Levels – 2 and 2.