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Home»Analysis»Why Solana could soar 25% above this key hurdle
Analysis

Why Solana could soar 25% above this key hurdle

2023-10-19No Comments3 Mins Read
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Solana corrects gains from the $25 resistance against the US dollar. SOL price remains supported and could aim for another rally towards $30.

  • SOL price started a downward correction after failing to clear the USD 25 resistance against the US dollar.
  • The price is now trading above $23.00 and the 100 simple moving average (4 hours).
  • A major contracting triangle is forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair (Kraken data source).
  • The pair could start a strong rally if it overcomes the $24 and $25 resistance levels.

Solana price remains in uptrend

After a steady rise, Solana struggled to break the $25 resistance zone. SOL peaked at $24.82 and recently started a downward correction, much like Bitcoin.

There was a move below the USD 24.20 and USD 22.00 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $20.94 swing low to the $24.82 high. There is also a major contracting triangle forming with resistance near $23.90 on the 4-hour chart of the SOL/USD pair.

SOL is now trading above $23.00 and the 100 simple moving average (4 hours). It is now showing positive signs and remains supported above the $22.00 pivot level.

SOL price prediction

Source: SOLUSD on TradingView.com

On the upside, immediate resistance is around the $24.00 level and the triangle area. The first major resistance is around the $24.00 level. The main resistance is still near the $25.00 zone. A successful close above the $25.00 resistance could set the pace for a bigger rise. The next major resistance is near $28.50. Any further gains could send the price towards the USD 30.00 level.

See also  XRP Price Drops to Crucial Support: Can It Cause a Turnaround?

Are the dips limited in SOL?

If SOL fails to recover above the USD 24.00 resistance, the price could continue to decline. The initial downside support is near the $22.85 level or the 50% Fib retracement level of the upward move from the $20.94 swing low to the $24.82 high.

The first major support is near the $22.40 level. If there is a close below the USD 22.40 support, the price could fall towards the USD 21.80 support. In the mentioned case, there is a risk that more downsides will occur towards the USD 20.50 support in the short term.

Technical indicators

4-hour MACD – The MACD for SOL/USD is losing pace in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major support levels – $22.85 and $22.40.

Major resistance levels – $23.90, $24.00 and $25.00.

Source link

Hurdle Key Soar Solana
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