Solana is up more than 20% and above $15 against the US dollar. The SOL price is showing positive signs and could further rally above the $16.80 resistance.
- The price of the sol started a new rise above the $12 and $15 levels against the US dollar.
- Price is now trading above $15 and the 100 simple moving average (4-hours).
- There was a break above a major downtrend line with resistance near $10.20 on the SOL/USD 4-hour chart (data feed from Kraken).
- The pair could go higher if it sustains above the $14.50 and $14.10 support levels.
Solana price gains bullish momentum
Last month, the price of the solana experienced a sharp decline from the $15 resistance zone. There was a break 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 new rise. There was a strong move above the $10 and $12 resistance levels. Additionally, there was a break above a major downtrend line with resistance near $10.20 on the SOL/USD 4-hour chart.
The price of the sol is now trading above $15 and the 100 simple moving average (4-hours). The price is up more than 20% and is showing positive signs, similar toY .
It is trading above the 23.6% Fibonacci retracement level of the up move from the $12.87 low to $16.77 high. To the upside, 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 could rally towards the $20 barrier. More gains could send the price looking towards the $25 level.
Disadvantages allowed in SOL?
If SOL fails to clear the resistance at $16.80, a correction to the downside could begin. 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 up move from the $12.87 low to $16.77 high. The next major support is near the $14.10 level. If there is a break below the $14.10 support, the bears could even push the price below $13.50.
4 hours MACD – The MACD for SOL/USD is picking up pace in the bullish zone.
4 Hours 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.