Solana is moving past the $35 resistance level against the US Dollar, and the price of SOL is well-supported. It’s possible that there will be a new rally aiming for $38.
SOL’s price initiated a significant rally, surpassing the $32 resistance against the US Dollar. Currently, it’s trading above $35 and is also positioned above the 100 simple moving average over a 4-hour timeframe.
Notably, a crucial bullish trend line is taking shape, with support at around $33.30 on the SOL/USD 4-hour chart, utilizing data from Kraken. The pair has already experienced a nearly 10% increase and could potentially extend its surge towards the $38 resistance level.
Solana has shown a strong upward trend, securing its position above the $30 pivot level. It gained bullish momentum after establishing a base above $30 and $32.
What’s remarkable is that Solana is now outperforming both Bitcoin and Ethereum. It made a clear move above the $35 resistance zone, reaching a new multi-week high at approximately $36.48. Currently, the price is consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $32.34 low to the $36.48 high.
SOL is trading above $35 and is also above the 100 simple moving average over a 4-hour period. On the 4-hour chart of the SOL/USD pair, there’s a crucial bullish trend line forming, offering support around $33.30.
Source: SOLUSD on TradingView.com
Looking ahead, the immediate resistance is close to the $36.50 level, with the first major resistance near $36.80. A successful break above this resistance could pave the way for more significant gains. The next notable resistance level to watch for is around $38.00. Further upward movement might drive the price towards the $40.00 level.
Is SOL Experiencing Limited Dips?
If SOL struggles to recover above the $36.50 resistance, it might initiate a downward correction. Initially, support on the downside can be found near the $34.40 level.
The primary support comes around the $33.30 level, which includes the trend line area and the 76.4% Fibonacci retracement level from the low at $32.34 to the high at $36.48. If the price drops below the $33.30 support, it could head towards the $32.00 support in the near future.
Technical Indicators
- The 4-Hour MACD (Moving Average Convergence Divergence) for SOL/USD is showing increasing bullish momentum.
- The 4-Hour RSI (Relative Strength Index) for SOL/USD is above the 50 level.
- Key Support Levels – $34.40 and $33.30.
- Key Resistance Levels – $36.50, $36.80, and $38.00.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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