SOL Price Prediction: Solana Surges 15%, Is This Just Start Of A Larger Increase?

Aayush Jindal

Last Updated: June 11, 2024 1:17 pm

2 mins read

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Solana is surging above the $23.50 resistance against the US Dollar. SOL price could accelerate further higher if it clears the $25.00 resistance zone.

SOL price is up over 15% and it is showing signs of bullish continuation against the US Dollar.
The price is now trading below $23.00 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $23.10 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could rise further higher if it clears the $25 resistance zone.

Solana Price Starts Fresh Rally

In the past few days, Solana’s price formed a strong support base above the $18.80 level. SOL started a strong increase after it settled above the $22 resistance zone.

There was a steady increase above the $23.20 resistance, outpacing Bitcoin and Ethereum. It is up over 15% and there was a test of the $24.50 resistance. A high is formed near $24.47 and the price is now consolidating gains. SOL is well above the 23.6% Fib retracement level of the upward move from the $18.75 swing low to the $24.47 high.

It is also trading below $23.00 and the 100 simple moving average (4 hours). Besides, there is a key bullish trend line forming with support near $23.10 on the 4-hour chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

On the upside, immediate resistance is near the $24.50 level. The first major resistance is near the $25.00 level. A clear move above the $25 resistance might send the price toward the $27.20 resistance. The next key resistance is near $28.80. Any more gains might send the price toward the $30 level.

Downside Correction in SOL?

If SOL fails to settle above $24.50 and $25.00, it could start a downside correction. Initial support on the downside is near the $23.20 level and the trend line.

The first major support is near the $21.50 level or the 50% Fib retracement level of the upward move from the $18.75 swing low to the $24.47 high. If there is a close below the $21.50 support, the price could decline toward the $20.50 support. In the stated case, there is a risk of more downsides toward the $20.00 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 – $23.20, and $21.50.

Major Resistance Levels – $24.50, $25.00, and $27.20.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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