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Solana is rising above the $20 resistance against the US dollar. SOL price could continue to rise steadily towards the $22 zone in the near term.
- SOL price is showing positive signs above the USD 19.50 level against the US Dollar.
- The price is now trading above USD 20 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $19.70 on the SOL/USD pair’s 4-hour chart (data source from Kraken).
- The pair could continue to rise unless a close comes below $18.00.
Solana Price begins recovery
In the past few days, the price of Solana started to rise again from the $15.65 support zone, similar to Bitcoin and Ethereum. The bulls gained momentum for a clear move above the $18 resistance.
The price even climbed above the $20 level before the bears appeared. A high is forming near $20.95 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $15.64 swing low to the $20.95 high.
SOL is now trading above $20 and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near USD 19.70 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD at TradingView.com
On the upside, immediate resistance is near the $20.50 level. The first major resistance is near the USD 21 level. A clear move above the $21 resistance could push the price towards the $22 resistance. More gains could send the price towards the $22.40 level.
Cons Supported in SOL?
If SOL fails to clear the $20.50 resistance, it could start a downside correction. The first support on the downside is near the $19.70 level and trendline.
The first major support is near the $18.40 level or the 50% Fib retracement level of the upward move from the $15.64 swing low to the $20.95 high. If a close breaks below the USD 18.40 support, the price could drop sharply. In the said case, the price might drop towards $16.80 support. The next major support is near the $15.65 level.
Technical indicators
4am MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $19.70 and $18.40.
Main resistance levels – $20.50, $21.00 and $22.00.
