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Solana is attempting a fresh increase above the $25 resistance against the US Dollar. SOL price might continue to rise steadily toward the $30 zone in the near term.
- SOL price is showing positive signs above the $24 level against the US Dollar.
- The price is now trading near $25 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $24.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to move up if it clears the $26 resistance zone.
Solana Price Starts Recovery
After a steady decline, Solana’s price found support near the $22.75 zone. SOL traded as low as $22.70 and recently started a recovery wave, unlike Bitcoin and Ethereum.
The price climbed above the $24 and $24.50 resistance levels. There was a break above a major bearish trend line with resistance near $24.80 on the 4-hour chart of the SOL/USD pair. The pair climbed above the 23.6% Fib retracement level of the downward move from the $32.42 swing high to the $22.70 low.
SOL is now trading near $25 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $25.90 level. The first major resistance is near the $26 level. A clear move above the $26 resistance might send the price toward the $28.80 resistance.
Source: SOLUSD on TradingView.com
The 61.8% Fib retracement level of the downward move from the $32.42 swing high to the $22.70 low is also near the $28.80 level. Any more gains might send the price toward the $30 level.
Another Drop in SOL?
If SOL fails to clear the $26 resistance, it could start a fresh decline. Initial support on the downside is near the $24.80 level and the broken trend line.
The first major support is near the $24 level. If there is a close below the $24 support, the price could decline toward the $22.75 support. In the stated case, there is a risk of more downsides toward the $20 support in the near term.
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 – $24.00, and $22.75.
Major Resistance Levels – $26.00, $28.80, and $30.00.
