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Solana is rising above the $20 resistance against the US Dollar. SOL price might continue to rise steadily toward the $22 zone in the near term.
- SOL price is showing positive signs above the $19.50 level against the US Dollar.
- The price is now trading above $20 and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $19.70 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to move up unless there is a close below $18.00.
Solana Price Starts Recovery
In the past few days, Solana’s price started a fresh increase from the $15.65 support zone, similar to Bitcoin and Ethereum. The bulls gained strength for a clear move above the $18 resistance.
The price even climbed above the $20 level before the bears appeared. A high is formed near $20.95 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $15.64 swing low to the $20.95 high.
SOL is now trading above $20 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $19.70 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $20.50 level. The first major resistance is near the $21 level. A clear move above the $21 resistance might send the price toward the $22 resistance. Any more gains might send the price toward the $22.40 level.
Downsides Supported in SOL?
If SOL fails to clear the $20.50 resistance, it could start a downside correction. Initial support on the downside is near the $19.70 level and the trend line.
The first major support is near the $18.40 level or the 50% Fib retracement level of the upward move from the $15.64 swing low to the $20.95 high. If there is a close below the $18.40 support, the price could decline sharply. In the stated case, the price may perhaps decline toward the $16.80 support. The next major support is near the $15.65 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 – $19.70, and $18.40.
Major Resistance Levels – $20.50, $21.00, and $22.00.
