Solana’s price is breaking through significant resistance levels, and the next target could be $22.
Solana is experiencing a rise in value against the US Dollar, surpassing the $20 resistance. It is expected that the price of SOL will continue to steadily increase towards the $22 range in the near future.
- The SOL price is displaying positive indications above the $19.50 level against the US Dollar.
- The price is currently trading above $20 and the 100 simple moving average (4 hours).
- A significant bullish trend line is forming with support around $19.70 on the 4-hour chart of the SOL/USD pair (data sourced from Kraken).
- Unless the price drops below $18.00, the pair is likely to continue moving upwards.
Solana Price Begins Recovery
In recent days, Solana’s price has started to rise again from the $15.65 support zone, following a similar trend to Bitcoin and Ethereum. The bulls have gained strength for a clear upward movement above the $18 resistance.
The price has even surpassed the $20 level before encountering resistance. A high point has been reached around $20.95, and the price is currently consolidating its gains. It has tested the 23.6% Fibonacci retracement level of the upward movement from the $15.64 swing low to the $20.95 high.
SOL is now trading above $20 and the 100 simple moving average (4 hours). Additionally, a significant bullish trend line is forming with support around $19.70 on the 4-hour chart of the SOL/USD pair.
- Top gainers on DEXTools PEPE2.0, FLOKI2.0, SHIB2.0.
- Top trader predicts heavy buying of SOL this year, wonders if it can reach $1,000.
- Elon Musk accuses Mark Zuckerberg of cheating on Twitter vs. Threads.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is seen near the $20.50 level. The first major resistance is around the $21 level. If the price successfully breaks above the $21 resistance, it could move towards the $22 resistance. Further gains may push the price towards the $22.40 level.
Downsides Supported in SOL?
If SOL fails to surpass the $20.50 resistance, it could initiate a downward correction. Initial support on the downside is observed near the $19.70 level and the trend line.
The first major support is near the $18.40 level or the 50% Fibonacci retracement level of the upward movement from the $15.64 swing low to the $20.95 high. If the price closes below the $18.40 support, it could experience a sharp decline. In this scenario, the price may potentially drop towards the $16.80 support. The next major support is near the $15.65 level.
Technical Indicators
4-Hour MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $19.70 and $18.40.
Major Resistance Levels – $20.50, $21.00, and $22.00.
