Solana expects another rise above the resistance at $19.00 against the US dollar. The SOL price needs to break above USD 19 and USD 20 to start a new increase.
- The SOL price is trying to make a bullish breakout above the $19 resistance against the US dollar.
- The price is now trading below $20 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance around $18.80 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could gain bullish momentum if it breaks above the trendline and $20.
Solana Price Sees Bullish Breakout
In recent days, Solana’s price has continued its decline below the $22 support. SOL even traded below the $20 level to move further into a bearish zone.
Finally, it tested the $17.40 zone. A low was formed near $17.37 and the price is now trying to make a new rise, just like Bitcoin and Ethereum. There was a move above the $18.50 resistance zone. The price even spiked above the 50% Fib retracement level of the downward move from the $20.60 swing high to the $17.37 low.
However, the bears are protecting a close above the $19 resistance. There is also a major bearish trendline forming with resistance around $18.80 on the 4-hour chart of the SOL/USD pair.
Solana is now trading below $20 and the 100 simple moving average (4 hours). On the upside, immediate resistance is around the $19.00 level. The first major resistance is near the $19.40 level or the 100 simple moving average (4 hours). It is close to the 61.8% Fib retracement level of the downward move from the $20.60 swing high to the $17.37 low.
Source: SOLUSD on TradingView.com
The next major resistance is near USD 20. A clear move above the USD 20 resistance could send the price towards the USD 21.20 resistance. Any further gains could send the price towards the USD 22 level.
Another drop in the SOL?
If SOL fails to settle above USD 19.00 and USD 19.40, it could trigger another decline. The initial downside support is near the $18.10 level.
The first major support is near the $17.40 level. If there is a close below the USD 17.40 support, the price could fall towards the USD 16.50 support. In the mentioned case, there is a risk that more downsides will occur towards the $15.00 support in the short 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 – $18.10 and $17.40.
Major resistance levels – $19.00, $19.40 and $20.00.