Solana Price Begins a New Rally
Solana’s price has started to increase again after finding support at $95.00 against the US Dollar. Currently, the price is trading above $105 and the 100 simple moving average (4 hours).
Bullish Trend Line and Resistance Levels
A bullish trend line is forming with support at $109.20 on the 4-hour chart of the SOL/USD pair. If the pair manages to clear the resistance levels at $115 and $118, the rally could continue.
Price Surge and Upward Momentum
Solana’s price has formed a base above the $94.00 support zone and has recently seen a significant increase. It has surpassed both the $98 and $100 levels, outperforming Bitcoin and Ethereum.
The price surge has brought it close to $115, with a high formed near $114.98. There are no signs of upside exhaustion, as it holds gains above key levels.
Key Support Levels
There is a key bullish trend line with support at $109.20 on the 4-hour chart of the SOL/USD pair. This trend line aligns with the 50% Fib retracement level, providing additional support.
Resistance Levels and Potential Increase
The immediate resistance for Solana’s price is near $115, followed by a major resistance at $118. A successful close above this level could pave the way for another significant increase, with the next key resistance near $125.
Dips Supported in SOL?
If Solana fails to rally above the $115 resistance, a downside correction may occur. The initial support on the downside is around $112.20, followed by the major support level at $109.20 and the trend line.
Technical Indicators
The MACD for SOL/USD on the 4-hour chart is in the bullish zone, indicating an increasing momentum. The RSI for SOL/USD is above the 50 level, suggesting bullish strength.
Hot Take: Solana’s Price Shows Strong Bullish Momentum
Solana’s price has experienced a fresh rally, surpassing key resistance levels and outperforming other major cryptocurrencies. With a strong upward momentum and support from technical indicators, Solana could continue its rally if it clears further resistance levels. However, if it fails to break above the $115 level, a downside correction may occur. Overall, Solana remains an attractive cryptocurrency to watch with potential for further gains in the near term.
By
By
By