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Solana Price Prediction: SOL Rallies 20% and Prints Bullish Breakout

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Solana Price Prediction

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Solana rallied over 20% and surpassed $15 against the US Dollar. SOL price is showing positive signs and might rise further above the $16.80 resistance.

  • Sol price started a fresh increase above the $12 and $15 levels against the US Dollar.
  • The price is now trading above $15 and the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $10.20 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
  • The pair could rise further if it stays above the $14.50 and $14.10 support levels.

Solana Price Gains Bullish Momentum

This past month, solana price saw a strong decline from the $15 resistance zone. There was a drop below the $12.50 and $10 support levels to move into a bearish zone again.

The price traded as low as $7.96 and recently started a fresh increase. There was a strong move above the $10 and $12 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $10.20 on the 4-hours chart of the SOL/USD pair.

Sol price is now trading above $15 and the 100 simple moving average (4-hours). The price is up over 20% and is showing positive signs, similar to bitcoin and ethereum.

Solana Price SOL

Source: SOLUSD on TradingView.com

It is trading above the 23.6% Fib retracement level of the upward move from the $12.87 swing low to $16.77 high. On the upside, an immediate resistance is near the $16.80 level. The first major resistance is near the $17 level. The next major resistance is near the $18 zone, above which the price might rise towards the $20 barrier. Any more gains might send the price towards the $25 level.

Downsides Supported in SOL?

If SOL fails to clear the $16.80 resistance, it could start a downside correction. An initial support on the downside is near the $15.80 level.

The first major support is near the $14.75 level. It is near the 50% Fib retracement level of the upward move from the $12.87 swing low to $16.77 high. The next major support is near the $14.10 level. If there is a downside break below the $14.10 support, the bears might even push the price below $13.50.

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 currently in the overbought zone.

Major Support Levels – $15.80, $14.75 and $14.10.

Major Resistance Levels – $16.80, $18 and $20.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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