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Solana is surging above $25 against the US Dollar. SOL price could extend its rally above the $27 and $28 resistance levels in the near term.
- Sol price started a fresh increase above the $22 and $25 levels against the US Dollar.
- The price is now trading above $25 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $23.80 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
- The pair could rise further if it clears the $26.80 and $28.00 resistance levels.
Solana Price Rallies Over 12%
This past week, solana price formed a base and started a steady increase above the $22 level. There was a strong increase above the $25 resistance zone, similar to bitcoin and ethereum.
The bulls even managed to pump the price above the $25.50 resistance. Today, the price is up over 12% and trading nicely above the $26 level. During the recent increase, there was a break above a major bearish trend line with resistance near $23.80 on the 4-hours chart of the SOL/USD pair.
SOL price is now showing positive signs above $25 and the 100 simple moving average (4-hours). It is also trading above the 23.6% Fib retracement level of the upward wave from the $22.03 swing low to $26.78 high.
Source: SOLUSD on TradingView.com
On the upside, an immediate resistance is near the $26.80 level. The next major resistance is near the $28.00 level, above which the price could aim a move towards the $30 level. The next major resistance is near the $32 zone, above which the price might rise towards the $35 barrier. Any more gains might send the price towards the $40 level.
Dips Attractive in SOL?
If SOL fails to clear the $28 resistance, it could start a downside correction. An initial support on the downside is near the $25.50 level.
The first major support is near the $24.40 level and the 50% Fib retracement level of the upward wave from the $22.03 swing low to $26.78 high. The next major support is near the $24.00 level. If there is a downside break below the $24.00 support, the price might test the next key support at $22.00.
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 60 level.
Major Support Levels – $25.50, $24.40 and $22.00.
Major Resistance Levels – $26.80, $28.00 and $30.
