A Solana rally could gain momentum above $30.

Solana is moving above $20 against the US dollar. SOL price may extend its rally from the $26 and $30 resistance levels in the near term.

  • The Sol price started a fresh rally above the $20 and $22 levels against the US dollar.
  • The price is now trading above $22 and the 100 simple moving average (4 hours).
  • SOL/USD is forming a major bullish trend with support near $23.05 on the pair’s 4-hour chart (data source from Kraken).
  • The pair may rise further if it remains above the $22.00 and $20.00 support levels.

Solana prices increased by more than 10 percent

This week, Solana’s price formed a base and began a steady rise above the $20 level. There was a strong rally above the $22 resistance zone, as Bitcoin And Ethereum.

The bulls even managed to push the price above the $25 resistance. It is trading at a new annual high of $26.54 before a slight bearish correction. There was a drop below the $24 level. The price fell below the 50% Fib retracement level of the uptrend from the $20.20 swing low to the $26.54 high.

Sol is now trading above $22 and above the 100 simple moving average (4 hours). A major bullish trend is also forming with support near $23.05 on the 4-hour chart of the SOL/USD pair.

The pair is now trading comfortably above the 61.8% Fib retracement level of the upside wave from the $20.20 swing low to the $26.54 high. The price is now rising and is over 8 percent. On the upside, an immediate resistance is near the $25 level.

SOL Price Forecast

Source: SOLUSD on TradingView.com

The first major resistance is near the $26.50 level. The next major resistance is near the $28 zone, above which the price may move towards the $30 barrier. Another gain could send the price towards the $35 level.

Dips in SOL attractive?

If the SOL fails to clear the $26.50 resistance, it could initiate a downside correction. Initial support on the downside is near the $24 level.

The first major support is near the $23.00 level and the trendline. The next major support is near the $21.70 level. If there is a negative break below the $21.70 support, the price could test the next key support at $20.

Technical indicators

4 Hour MACD – The MACD for SOL/USD is trending upward in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Key support levels – $24, $23 and $20.

Key resistance levels – $25, $26.50 and $30.

#Solana #rally #gain #momentum

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