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Solana Price Prediction

Solana Price Prediction: SOL Could Extend Rally Above $18

Aayush Jindal by Aayush Jindal
4 weeks ago
in Technical analysis
Reading Time: 2 mins read
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Solana is showing bullish signs above $15 against the US Dollar. SOL price could extend its rally above the $18 and $20 resistance levels.

  • Sol price started a fresh increase above the $15 and $16 levels against the US Dollar.
  • The price is now trading above $16 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $15.90 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
  • The pair could rise further if it stays above the $15.00 and $12.80 support levels.

Solana Price Eyes More Gains

This week, solana price formed a base and started a steady increase above the $14 level. There was a strong increase above the $15 resistance zone, similar to bitcoin and ethereum.

The bulls even managed to pump the price above the $16.50 resistance. It traded to a new yearly high at $17.47 and is currently consolidating gains. There was a minor correction below the 23.6% Fib retracement level of the upward wave from the $12.70 swing low to $17.47 high.

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Sol price is now trading above $16 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $15.90 on the 4-hours chart of the SOL/USD pair.

Solana Price Eyes More Gains

Source: SOLUSD on TradingView.com

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On the upside, an immediate resistance is near the $17.50 level. The first major resistance is near the $18 level. The next major resistance is near the $18.80 zone, above which the price might rise towards the $20 barrier. Any more gains might send the price towards the $25 level.

Dips Attractive in SOL?

If SOL fails to clear the $18 resistance, it could start a downside correction. An initial support on the downside is near the $16.35 level.

The first major support is near the $15.00 level and the trend line. It is near the 50% Fib retracement level of the upward wave from the $12.70 swing low to $17.47 high. The next major support is near the $14.10 level. If there is a downside break below the $14.10 support, the price might test the next key support at $12.80.

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 – $16.30, $15.00 and $14.10.

Major Resistance Levels – $17.40, $18 and $20.

Tags: SOL PriceSolanaSOLUSDSOLUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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