SOL Price Prediction: Why Solana Could Surge 25% Above This Key Hurdle

Aayush Jindal

Last Updated: June 11, 2024 1:17 pm

2 mins read

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Solana is correcting gains from the $25 resistance against the US Dollar. SOL price remains supported and might aim for a fresh rally toward $30.

SOL price started a downside correction after it failed to clear the $25 resistance against the US Dollar.
The price is now trading above $23.00 and the 100 simple moving average (4 hours).
There is a key contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could start a strong rally if it clears the $24 and $25 resistance levels.

Solana Price Remains In Uptrend

After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.82 and recently started a downside correction, like Bitcoin.

There was a move below the $24.20 and $22.00 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $20.94 swing low to the $24.82 high. There is also a key contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair.

SOL is now trading above $23.00 and the 100 simple moving average (4 hours). It is now showing positive signs and remains supported above the $22.00 pivot level.

Source: SOLUSD on TradingView.com

On the upside, immediate resistance is near the $24.00 level and the triangle region. The first major resistance is near the $24.00 level. The main resistance is still near the $25.00 zone. A successful close above the $25.00 resistance could set the pace for a larger increase. The next key resistance is near $28.50. Any more gains might send the price toward the $30.00 level.

Are Dips Limited in SOL?

If SOL fails to recover above the $24.00 resistance, it could continue to move down. Initial support on the downside is near the $22.85 level or the 50% Fib retracement level of the upward move from the $20.94 swing low to the $24.82 high.

The first major support is near the $22.40 level. If there is a close below the $22.40 support, the price could decline toward the $21.80 support. In the stated case, there is a risk of more downsides toward the $20.50 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $22.85, and $22.40.

Major Resistance Levels – $23.90, $24.00, and $25.00.

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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