Solana Price Shows Signs of Rally
In recent days, Solana experienced a downward correction, similar to Bitcoin and Ethereum. However, it found support above $65 and is now attempting a fresh increase. The price has surged by almost 10% and is trading above $68 and the 100 simple moving average (4 hours). On the 4-hour chart of the SOL/USD pair, there is a significant bullish trend line forming with support near $65.50.
Possible Decline in SOL?
If SOL fails to surpass the $75 resistance level, it could start another decline. The initial support on the downside is around $68.50. The first major support lies near $65.50 or the trend line. A close below the $63.50 support could lead to a decline towards the $56.00 support in the near future.
Technical Indicators
The MACD for SOL/USD on the 4-hour chart is showing bullish momentum, while the RSI is above the 50 level.
Source: SOLUSD on TradingView.com
Hot Take: Solana Price Poised for Further Rally
Solana’s price has shown resilience in the face of a recent correction and has managed to regain upward momentum. With strong support at key levels and a bullish trend line forming, SOL could rally further above its current resistance levels. However, if it fails to break through these resistance levels, a decline may be imminent. Technical indicators suggest that bullish momentum is building up for SOL/USD. Keep an eye on the $75 resistance level as a potential turning point for the cryptocurrency.
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. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.
