Solana Price Gains Momentum
Recently, Solana’s price surged above the $40 level, showing a strong rally that surpassed $50 and even reached $60. This was higher than Bitcoin and Ethereum. A new high of approximately $63.99 was achieved before a minor correction took place, causing the price to drop below $60. SOL is currently trading above $55 and the 100 simple moving average (4 hours). On the 4-hour chart of the SOL/USD pair, a significant contracting triangle with support near $51.00 is forming.
Immediate resistance is expected near the $60.00 level, with the first major resistance at $65.00 and potential for a further increase if this level is surpassed. The next key resistance will be at $70.00, with a possibility of reaching $75.00 if gains continue.
Source: SOLUSD on TradingView.com
Downturn Potential for SOL
If SOL fails to recover above the $60.00 resistance, it may initiate a downside correction with initial support near the $55.00 level. The first major support lies at approximately $51.00, followed by the trend line zone and the 50% Fib retracement level from the recent upward movement.
If there’s a close below the $51.00 support, the price could decrease towards the near-term support at around $45.00.
Technical Indicators
The MACD for SOL/USD is gaining momentum in the bullish zone based on 4-hour data, while the RSI for SOL/USD is above the 50 level.
Major Support Levels – $55.00, and $51.00.
Major Resistance Levels – $60.00, $65.00, and $75.00.
Hot Take: Analyzing SOL’s Potential
Solana’s recent rally has been impressive, surpassing key levels and setting new highs above $60. While there’s potential for further increases toward major resistance levels at $65 and even up to $75 if momentum continues, caution should be exercised as a failure to recover above these levels could lead to a downside correction with support near $55 and potentially as low as $45 in the near term.
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