Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Solana is gaining pace above the $35 resistance against the US Dollar. SOL price remains supported and might aim for a fresh rally toward $38.
- SOL price started a major rally above the $32 resistance against the US Dollar.
- The price is now trading above $35 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $33.30 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair is up nearly 10% and might surge further toward the $38 resistance.
Solana Price Rallies 10%
After a decent upward move, Solana settled above the $30 pivot level. SOL gained bullish momentum after it formed a base above the $30 and $32 levels.
It is now outperforming Bitcoin and Ethereum. There was a clear move above the $35 resistance zone. A new multi-week high is formed near $36.48 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $32.34 swing low to the $36.48 high.
SOL is now trading above $35 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $33.30 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $36.50 level. The first major resistance is near the $36.80 level. A successful close above the $36.80 resistance could set the pace for a larger increase. The next key resistance is near $38.00. Any more gains might send the price toward the $40.00 level.
Are Dips Limited in SOL?
If SOL fails to recover above the $36.50 resistance, it could start a downside correction. Initial support on the downside is near the $34.40 level.
The first major support is near the $33.30 level, the trend line zone, and the 76.4% Fib retracement level of the upward move from the $32.34 swing low to the $36.48 high. If there is a close below the $33.30 support, the price could decline toward the $32.00 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 – $34.40, and $33.30.
Major Resistance Levels – $36.50, $36.80, and $38.00.
