Solana rebounded over 20% and broke above $15 against the US Dollar. SOL price is showing positive signs and might break above the $16.80 resistance yet again.
- The price of soil started a new 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 trendline 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 is gaining bullish momentum
Last month, solana price saw a sharp decline from the $15 resistance zone. There was a dip below the $12.50 and $10 support levels to return to a bearish zone again.
The price traded as low as $7.96 and recently started a new increase. There was a strong move above the $10 and $12 resistance levels. Additionally, there was a break above a major bearish trendline with resistance near $10.20 on the 4-hours chart of the SOL/USD pair.
Ground price is now trading above $15 and the 100 simple moving average (4-hours). The price has risen over 20% and is showing positive signs, similar to bitcoin and ethereum.
Source: SOLUSD on TradingView.com
It is trading above the 23.6% Fib retracement level of the upward move from the $12.87 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 area, above which the price may rise towards the $20 barrier. Any further gains could send the price towards the $25 level.
Disadvantages supported in SOL?
If SOL fails to clear the resistance at $16.80, it could trigger a downward 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 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 hour MACD – The MACD for SOL/USD is accelerating into the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is currently in the overbought zone.
Main support levels – $15.80, $14.75 and $14.10.
Major resistance levels – $16.80, $18 and $20.
