Solana (SOL) has experienced a significant rally in recent days, surpassing the $60 resistance level against the US Dollar. The price surge has seen SOL increase by over 50% in just a few days, indicating strong bullish momentum. This upward trajectory may continue, with the next target being the $75 level.
Breaking through the $55 resistance level was a crucial turning point for SOL’s price. It is currently trading above $60 and the 100 simple moving average (4 hours), reinforcing its bullish sentiment. Additionally, a major bullish trend line is forming with support around $55.00 on the 4-hour chart of the SOL/USD pair sourced from Kraken. These indicators suggest that the price has potential for further upward movement.
Solana’s recent rally has outperformed both Bitcoin and Ethereum, indicating its strong market position and investor interest. The price surge above $50 was a significant turning point, leading to the current upswing. With gains of over 50% in just a few days, the bulls appear to be in control of SOL.
After reaching a high of approximately $67.21, the price of SOL is currently consolidating its gains. It is showing positive signs above the 23.6% Fibonacci retracement level of the upward move from the $51.23 swing low to the $67.21 high. The price is also trading above $60 and the 100 simple moving average (4 hours), further indicating its bullish outlook.
An immediate resistance level for SOL is around $67.20, followed by a major resistance level near $68.00. A successful close above the $65.00 resistance could pave the way for further increases, with the next key resistance level around $70.00. If the bullish momentum continues, the price might reach the $75.00 level.
In the event of a correction, the first level of support stands at approximately $62.50. Below this, the next major support level lies around $57.75 or the 61.8% Fibonacci retracement level of the upward move from the $51.23 swing low to the $67.21 high. A further decline could test the previously mentioned bullish trend line. A close below the $55.00 support level may lead to a decline towards the $50.00 support in the near term.
The 4-hours MACD for SOL/USD shows a loss of momentum in the bullish zone, hinting at a potential slowdown in the price surge. However, the 4-hours RSI (Relative Strength Index) for SOL/USD remains above the 50 level, suggesting that the bullish momentum is still intact.
Solana (SOL) has experienced a significant rally, surpassing the $60 resistance level against the US Dollar. With gains of over 50% in just a few days, SOL has outperformed Bitcoin and Ethereum, indicating its strong market position. While the price is currently consolidating its gains, the overall outlook remains bullish. Immediate resistance levels to watch include $67.20 and $68.00, with the potential for further upside towards $75.00. On the downside, support levels lie around $62.50 and $57.75. Traders should closely monitor the technical indicators to gauge any potential slowdown or correction in SOL’s price.
