Solana broke above the $50 resistance against the US dollar. SOL price consolidates its gains above $55 and could extend its rally above $65.
- SOL price has started a major rally above the $50 resistance against the US Dollar.
- The price is now trading above $55 and the 100 simple moving average (4-hours).
- There is a key contracting triangle forming with support near $51.00 on the 4-hour chart of SOL/USD (data source from Kraken).
- The pair could resume its rally if it breaks the $60.00 resistance zone.
Solana Price Sets at $75
It even surpassed the $55 and $60 levels. A new multi-week high formed near $63.99 before the price began a slight downward correction. There was a move below the $60 level. The price fell below the 23.6% Fib retracement level of the upward move from the $38.05 low to $63.99 high.
SOL is now trading above $55 and the 100 simple moving average (4-hours). There is also a key contracting triangle forming with support near $51.00 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $60.00 level. The first major resistance is near the $65.00 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 limited in SOL?
If SOL fails to recover above the $60.00 resistance, it could trigger a downward correction. Initial downside support is near the $55.00 level.
The first major support is near the $51.00 level, the trendline area and the 50% Fibonacci retracement level of the upward move from the $38.05 low to $63.99 high. If there is a close below the $51.00 support, the price could decline towards the $45.00 support in the near term.
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.
Key support levels – $55.00 and $51.00.
Major resistance levels – $60.00, $65.00 and $75.00.