Solana is rising above the $20 resistance in opposition to the US Dollar. SOL value would possibly proceed to rise steadily towards the $22 zone within the close to time period.
SOL value is exhibiting optimistic indicators above the $19.50 stage in opposition to the US Dollar.
The value is now buying and selling above $20 and the 100 easy shifting common (4 hours).
There is a serious bullish development line forming with help close to $19.70 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
The pair may proceed to maneuver up except there’s a shut beneath $18.00.
Solana Price Starts Recovery
In the previous few days, Solana’s value began a recent enhance from the $15.65 help zone, much like Bitcoin and Ethereum. The bulls gained power for a transparent transfer above the $18 resistance.
The value even climbed above the $20 stage earlier than the bears appeared. A excessive is shaped close to $20.95 and the value is now consolidating positive factors. It examined the 23.6% Fib retracement stage of the upward transfer from the $15.64 swing low to the $20.95 excessive.
SOL is now buying and selling above $20 and the 100 easy shifting common (4 hours). There can be a serious bullish development line forming with help close to $19.70 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, fast resistance is close to the $20.50 stage. The first main resistance is close to the $21 stage. A transparent transfer above the $21 resistance would possibly ship the value towards the $22 resistance. Any extra positive factors would possibly ship the value towards the $22.40 stage.
Downsides Supported in SOL?
If SOL fails to clear the $20.50 resistance, it may begin a draw back correction. Initial help on the draw back is close to the $19.70 stage and the development line.
The first main help is close to the $18.40 stage or the 50% Fib retracement stage of the upward transfer from the $15.64 swing low to the $20.95 excessive. If there’s a shut beneath the $18.40 help, the value may decline sharply. In the acknowledged case, the value might maybe decline towards the $16.80 help. The subsequent main help is close to the $15.65 stage.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 stage.
Major Support Levels – $19.70, and $18.40.
Major Resistance Levels – $20.50, $21.00, and $22.00.
