Solana remained above the $65 support and initiated another increase. SOL price is likely to be gearing up for more gains above the USD 75 and USD 80 resistance levels.
- SOL price started a new rally above the USD 68 resistance before the appearance of bears against the US dollar.
- The price is now trading above $68 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support around $65.50 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair is up almost 10% and could rise further above the $75 resistance zone.
Solana price signals are rising
In recent days, Solana saw a downward correction from the $77.75 zone, just like Bitcoin and Ethereum. SOL fell below the USD 75 and USD 70 support levels.
However, the bulls were active above the USD 65 support. A low was formed near $63.78 and the price is now trying to make a new move higher. There was a move above the USD 68 and USD 70 resistance levels. The price is up almost 10% and there was a move above the 50% Fib retracement level of the downward move from the $77.72 swing high to the $63.78 low.
SOL is now trading above $68 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support around $65.50 on the 4-hour chart of the SOL/USD pair.
On the upside, immediate resistance is around the $72.40 level. It is close to the 61.8% Fib retracement level of the downward move from the $77.72 swing high to the $63.78 low. The first major resistance is around the $75.00 level.
Source: SOLUSD on TradingView.com
The key resistance is now near $77.75. A successful close above the $77.75 resistance could set the pace for another major rally. The next major resistance is near USD 80.00. Any further gains could send the price towards the USD 85.00 level.
Another drop in the SOL?
If SOL fails to break above the USD 75.00 resistance, it could trigger another decline. The initial downside support is near the $68.50 level.
The first major support is near the USD 65.50 level or the trendline, below which the price could test USD 63.50. If there is a close below the USD 63.50 support, the price could fall towards the USD 56.00 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 68.50 and USD 65.50.
Major resistance levels – $72.40, $75.00 and $77.75.
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