Solana is showing bullish signs above $15 against the US Dollar. The SOL price could extend its rally above the $18 and $20 resistance levels.
- The price of the sol started a new rise above the $15 and $16 levels against the US dollar.
- The price is now trading above $16 and the 100 simple moving average (4-hours).
- A key uptrend line is forming with support near $15.90 on the 4-hours chart of the SOL/USD pair (data feed from Kraken).
- The pair could go higher if it sustains above the $15.00 and $12.80 support levels.
Solana Price seeks more profit
This week, the sunshade price formed a base and began a steady rise above the $14 level. There was a sharp rise above the $15 resistance zone, similar to bitcoin and ethereum.
The bulls even managed to push the price above the $16.50 resistance. It traded at a new yearly high of $17.47 and is currently consolidating gains. There was a minor correction below the 23.6% Fibonacci retracement level of the ascending wave from the $12.70 low to $17.47 high.
The price of the sol is now trading above $16 and the 100 simple moving average (4-hours). There is also a key uptrend line forming with support near $15.90 on the SOL/USD 4-hour chart.
Font: SOLUSD on TradingView.com
To the upside, immediate resistance is near the $17.50 level. The first major resistance is near the $18 level. The next major resistance is near the $18.80 area, above which the price could rally towards the $20 barrier. More gains could send the price looking towards the $25 level.
Dips Attractive in SOL?
If SOL fails to clear the resistance at $18, it could start a correction to the downside. Initial support on the downside is near the $16.35 level.
The first major support is near the $15.00 level and the trend line. It is near the 50% Fib retracement level of the ascending wave from the $12.70 low to $17.47 high. The next major support is near the $14.10 level. If there is a break below the $14.10 support, the price could test the next key support at $12.80.
technical indicators
4 hours MACD – The MACD for SOL/USD is picking up pace in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Main support levels: $16.30, $15.00 and $14.10.
Major resistance levels: $17.40, $18 and $20.
