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Home»Altcoins»SOL price hike to continue? Can Bulls send Solana to $75?
Altcoins

SOL price hike to continue? Can Bulls send Solana to $75?

2023-11-13No Comments3 Mins Read
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Solana rose above the $50 resistance against the US dollar. SOL price is consolidating gains above USD 55 and could extend its rally above USD 65.

  • SOL price started a major rally above the USD 50 resistance against the US dollar.
  • The price is now trading above $55 and the 100 simple moving average (4 hours).
  • A major contracting triangle is forming with support near $51.00 on the 4-hour chart of the SOL/USD pair (Kraken data source).
  • The pair could resume its rally if it crosses the $60.00 resistance zone.

Solana price is set at $75

In recent days, Solana saw a big rally above the $40 level. SOL gained bullish momentum and overcame many hurdles near $50, outperforming Bitcoin and Ethereum.

It even rose above the USD 55 and USD 60 levels. A new multi-week high was formed around $63.99 before the price started a small downward correction. There was a move below the USD 60 level. The price fell below the 23.6% Fib retracement level of the upward move from the $38.05 swing low to the $63.99 high.

SOL is now trading above $55 and the 100 simple moving average (4 hours). A major contracting triangle is also forming with support near $51.00 on the 4-hour chart of the SOL/USD pair.

SOL Award

Source: SOLUSD on TradingView.com

On the upside, immediate resistance is around the $60.00 level. The first major resistance is around the $65.00 level. A successful close above the $65.00 resistance could set the pace for a bigger rise. The next major resistance is near USD 70.00. Any further gains could send the price towards the USD 75.00 level.

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Are the dips limited in SOL?

If SOL fails to recover above the USD 60.00 resistance, a downside correction could occur. The initial downside support is near the $55.00 level.

The first major support is near the $51.00 level, the trendline zone and the 50% Fib retracement level of the upward move from the $38.05 swing low to the $63.99 high. If there is a close below the $51.00 support, the price could fall towards the $45.00 support in the near term.

Technical indicators

4-hour MACD – The MACD for SOL/USD is gaining speed in the bullish zone.

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

Major support levels – USD 55.00 and USD 51.00.

Major resistance levels – $60.00, $65.00 and $75.00.

Source link

Bulls continue hike Price send SOL Solana
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