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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

SOL Price Prediction: Solana Rally Seems Far From Over, $30 Soon?

Mishal Ali
Mishal Ali
6 months ago
2 mins read
Solana Price Prediction

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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.

SOL Price Prediction

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.

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Mishal Ali
Mishal Ali

Mishal Ali

Mishal Ali is a passionate crypto journalist with over five years of experience in finance and cryptocurrency reporting. She has worked with renowned platforms like TronWeekly and NewsBTC, delivering in-depth market insights and industry updates. She also runs personal blogs to explore these topics further.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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