SOL Price Rallies Over 50% In Few Days But Uptrend Is Far From Over
Solana broke above the $60 resistance against the US dollar. SOL price increased by more than 50% in a few days and may continue to rise to the $75 level.
- SOL price has started a major rally above the $55 resistance against the US Dollar.
- The price is now trading above $60 and the 100 simple moving average (4-hours).
- A major bullish trendline is forming with support near $55.00 on the 4-hour chart of SOL/USD (data source from Kraken).
- The pair could continue to rise if it breaks the $68.00 resistance zone.
The Solana Prize regains its strength
Over the past few days, Solana has seen a major rally above the $50 level. SOL gained bullish momentum after stabilizing above $50, outperforming Bitcoin And Ethereum.
The price is up over 50% in just a few days and the bulls aren’t done yet. The recent move took the price above the $65 level. A high forms near $67.21 and the price is now consolidating its gains. It is showing positive signs above the 23.6% Fibonacci retracement level of the upward move from the $51.23 low to $67.21 high.
SOL is now trading above $60 and the 100 simple moving average (4-hours). There is also a major uptrend line forming with support near $55.00 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $67.20 level. The first major resistance is near the $68.00 level. A successful close above the $65.00 resistance could set the tone for a larger increase. The next key resistance is near $70.00. Any further gains could push the price towards the $75.00 level.
Are dips supported in SOL?
If SOL fails to recover above the $68.00 resistance, it could trigger a downward correction. Initial support on the downside is near the $62.50 level.
The first major support is near the $57.75 level or the 61.8% Fibonacci retracement level of the upward move from the $51.23 low to $67.21 high, below which the price could test the trend line. If there is a close below the $55.00 support, the price could decline towards the $50.00 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $62.50 and $57.75.
Major resistance levels – $68.00, $70.00 and $75.00.
