Solana Price Surges 10% as Bullish Momentum Builds
After surpassing the $30 pivot level, Solana (SOL) has experienced a significant rally against the US Dollar. The cryptocurrency’s price has gained bullish momentum, outperforming both Bitcoin and Ethereum.
Breaking through the $35 resistance zone, SOL has reached a new multi-week high of approximately $36.48. Currently, the price is consolidating its gains above the 23.6% Fib retracement level from its swing low of $32.34 to its high of $36.48.
Trading above $35 and the 100 simple moving average (4 hours), SOL exhibits a positive trend. Additionally, a crucial bullish trend line is forming with support around $33.30 on the SOL/USD pair’s 4-hour chart.
If the upward momentum continues, SOL could surge further towards the $38 resistance level, marking an overall increase of nearly 10%.
Will Dips Be Limited for SOL?
In case SOL fails to overcome the $36.50 resistance level, a downside correction may occur. Initially, support can be found near the $34.40 level.
The first major support lies at around $33.30, coinciding with both the trend line zone and the 76.4% Fib retracement level from the swing low of $32.34 to the high of $36.48. If the price closes below this support level, it might decline towards the $32.00 support level in the near future.
Technical Indicators
The MACD for SOL/USD on the 4-hour chart indicates a gaining pace in the bullish zone, suggesting further upward movement.
The RSI (Relative Strength Index) for SOL/USD is currently above the 50 level, indicating a positive sentiment.
Major support levels for SOL are situated at $34.40 and $33.30, while significant resistance levels are found at $36.50, $36.80, and $38.00.
Source: SOLUSD on TradingView.com
Hot Take: Solana’s Bullish Surge Propels It Ahead of Bitcoin and Ethereum
Solana (SOL) has experienced an impressive 10% rally, outshining both Bitcoin and Ethereum in terms of price performance. With its breakout above key resistance levels and the formation of a bullish trend line, SOL shows strong potential for further upward movement.
However, if it fails to overcome the current resistance level, a downward correction may be in store. Traders should closely monitor support levels to gauge the sustainability of SOL’s recent surge.
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