Solana is gaining pace above the $30 resistance against the US dollar. SOL price remains supported and could aim for another rally towards $35.
- SOL price started a major rally above the USD 28 resistance against the US dollar.
- The price is now trading above $29.20 and the 100 simple moving average (4 hours).
- A major contracting triangle is forming with resistance near $32.10 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could embark on a strong rally if it overcomes the $32.10 and $32.75 resistance levels.
Solana Price has more positive aspects
After forming a base above $22.50, Solana started a new rise. SOL gained bullish momentum after Bitcoin rose above the $30,000 resistance.
There was a strong move above the USD 28.80 and USD 30.00 resistance levels. It even spiked above the USD 32.50 level. A high is formed near USD 32.79 and the price is now consolidating gains. There is also a major contracting triangle forming with resistance near $32.10 on the 4-hour chart of the SOL/USD pair.
Solana is now trading above $29.20 and the 100 simple moving average (4 hours). It is now showing positive signs above the 23.6% Fib retracement level of the upward move from the $23.13 swing low to the $32.79 high.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is around the $32.00 level and the triangle area. The first major resistance is around the $32.75 level. A successful close above the $32.75 resistance could set the pace for a bigger move higher. The next major resistance is near USD 35.00. Any further gains could send the price towards the USD 36.50 level.
Are the dips limited in SOL?
If SOL fails to recover above the USD 32.00 resistance, the price could continue to decline. The initial downside support is near the USD 30.50 level.
The first major support is near the $28.00 level or the 50% Fib retracement level of the upward move from the $23.13 swing low to the $32.79 high. If there is a close below the USD 28.00 support, the price could fall towards the USD 26.80 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 30.50 and USD 28.00.
Major resistance levels – $32.00, $32.75 and $35.00.