Solana Price Surges
If you’ve been tracking Solana’s price, you would have noticed a significant rally above the $50 level against the US Dollar. It seems to have gained bullish momentum after surpassing $50, outperforming other major cryptocurrencies like Bitcoin and Ethereum. As a result, it has surged by over 50% in just a few days, reaching a high of around $67.21 before consolidating its gains.
Currently, SOL is trading above $60 and the 100 simple moving average (4 hours). Additionally, there’s a major bullish trend line forming with support near $55.00 on the 4-hour chart of the SOL/USD pair sourced from Kraken.
On the upside, immediate resistance is near the $67.20 level, with the first major resistance at around $68.00. A successful close above $65.00 could pave the way for further increases, potentially reaching key resistance levels at $70.00 and $75.00.
Are Dips Supported in SOL?
However, if SOL fails to recover above the $68.00 resistance level, it might initiate a downside correction. Initial support on the downside is near $62.50, followed by major support near $57.75 or the 61.8% Fib retracement level from its recent swing low to high. If it closes below the $55.00 support, it could decline towards the $50.00 support in the near term.
Technical indicators such as MACD and RSI show that while there might be some loss in pace in the bullish zone for SOL/USD, RSI remains above the 50 level.
Sources: SOLUSD on TradingView.com
Hot Take: Solana Price Outlook
The recent surge in Solana’s price indicates a strong bullish trend that could continue if it manages to clear key resistance levels at $65.00 and $68.00. However, failure to do so might lead to a downside correction with initial support levels at $62.50 and $57.75 before potentially testing the trend line at $55.00.
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