Solana exceeds 20 dollars against the US dollar. SOL price may extend its rally above the $26 and $30 resistance levels in the near term.
- The price of soil started a further increase above the $20 and $22 levels against the US Dollar.
- The price is now trading above $22 and the 100 simple moving average (4-hours).
- A major bullish trend line is forming with support near $23.05 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
- The pair could rise further if it stays above the $22.00 and $20.00 support levels.
Solana’s price goes up more than 10%
This week, solana price formed a base and started a steady rise above the $20 level. There was a sharp rise above the $22 resistance zone, similar to Bitcoin and Ethereum.
The bulls even managed to lift the price above the $25 resistance. It traded at a new yearly high at $26.54 before a slight downward correction. There was a drop below the $24 level. The price fell below the 50% Fib retracement level of the uptrend from the low of $20.20 to $26.54.
Ground price is now trading above $22 and the 100 simple moving average (4-hours). A major bullish trend line is also forming with support near $23.05 on the 4-hours chart of the SOL/USD pair.
The pair is now trading comfortably above the 61.8% Fib retracement level of the bullish wave from the low of $20.20 to $26.54. The price is now up and up over 8%. On the upside, an immediate resistance is near the $25 level.
Source: SOLUSD on TradingView.com
The first major resistance is near the $26.50 level. The next major resistance is near the $28 area, above which the price may rise towards the $30 barrier. Any further gains could send the price towards the $35 level.
Attractive dips in SOL?
If SOL fails to break above the $26.50 resistance, it could trigger a downward correction. An initial support on the downside is near the $24 level.
The first major support is near the $23.00 level and the trendline. The next major support is near the $21.70 level. If there is a downside break below the $21.70 support, the price could test the next key support at $20.
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 above the 50 level.
Main support levels – $24, $23 and $20.
Main resistance levels – $25, $26.50 and $30.
