Solana is moving higher above the $23 resistance against the US Dollar. SOL price could rally further if there is a clear move above the $25 resistance.
- SOL price is showing positive signs above the $22 pivot level against the US Dollar.
- The price is now trading above $22 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $20.40 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could rise further if it clears the $24.50 and $25.00 resistance levels.
Solana Price Could Revisit $30
This past week, Solana price found support near the $20 zone. The price formed a base and started a decent increase above the $22 resistance, similar to Bitcoin and Ethereum.
The bulls were able to pump the price above $23.20. There was a break above a major bearish trend line with resistance near $20.40 on the 4-hour chart of the SOL/USD pair. The price is up over 15% and is trading in a positive zone. A high is formed near $24.66 and the price is consolidating gains.
SOL price is now trading well above $22 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the upward move from the $19.87 swing low to the $24.66 high.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $24.50 level. The next major resistance is near the $25.00 level, above which the price could gain bullish momentum and rise toward the $28 resistance. Any more gains might send the price toward the $30 level.
Dips Supported in SOL?
If SOL fails to clear the $24.50 resistance, it could start a downside correction. Initial support on the downside is near the $23.50 level.
The first major support is near the $22.20 level. It is near the 50% Fib retracement level of the upward move from the $19.87 swing low to the $24.66 high, below which the price could test $21.00 and the 100 simple moving average (4 hours). The next major support is near the $20 level.
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 – $23.50, $22.20, and $21.00.
Major Resistance Levels – $24.50, $25, and $30.