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.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.