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Solana is slowly moving higher above the $22 resistance against the US Dollar. SOL price could rally further if there is a clear move above the $22.80 resistance.
- Sol price is showing positive signs above the $20 pivot level against the US Dollar.
- The price is now trading above $22 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $21.00 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
- The pair could rise further if it clears the $22.80 and $23.00 resistance levels.
Solana Price Aims Higher
This past week, solana price found support near the $18.50 zone. The price formed a base and started a decent increase above the $20 resistance, similar to bitcoin and ethereum.
There was a steady increase above the $21.00 level. The bulls were even able to pump the price above the $22 resistance zone. However, the bears are still active near the $22.80 resistance zone. A high is formed near $22.95 and the price is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the $18.76 swing low to $22.95 high. SOL price is now trading above $22 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $21.00 on the 4-hours chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, an immediate resistance is near the $22.80 level. The next major resistance is near the $23.00 level, above which the price could gain bullish momentum and rise towards the $25 resistance. Any more gains might send the price towards the $26.50 level.
Dips Supported in SOL?
If SOL fails to clear the $22.80 resistance, it could start a downside correction. An initial support on the downside is near the $21.50 level and the trend line.
The first major support is near the $20.80 level. It is near the 50% Fib retracement level of the upward move from the $18.76 swing low to $22.95 high, below which the price could test $20.00 and the 100 simple moving average (4-hours). The next major support is near the $18.80 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 – $21.50, $20.80 and $18.80.
Major Resistance Levels – $22.80, $23 and $25.
