Solana remained above the $67.50 support and started a new rise. The SOL price is gaining speed and could soon attempt to break above $80.
- SOL price started a new rally above the USD 72 resistance against the US dollar.
- The price is now trading above $74 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support around $70.00 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair is up almost 8% and could rise further above the $80 resistance zone.
Solana price resumes increase
In recent days, Solana saw a downward correction from the $80.00 zone, just like Bitcoin and Ethereum. SOL fell below the USD 77.50 and USD 75.00 support levels.
However, the bulls were active above the USD 67.50 support. A low was formed around $67.25, and the price is now trying to make a new move higher. There was a move above the USD 70 and USD 72 resistance levels. The price is up almost 8% and there was a move above the 50% Fib retracement level of the downward move from the $79.45 swing high to the $67.25 low.
SOL is now trading above $74 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support around $70.00 on the 4-hour chart of the SOL/USD pair.
On the upside, immediate resistance is around the $76.50 level. It is near the 76.4% major bullish trendline that forms with support near $70.00 on the 4-hour chart of the SOL/USD pair. The first major resistance is around the $80.00 level.
Source: SOLUSD on TradingView.com
The key resistance is now near $82.0. A successful close above the $82.0 resistance could set the pace for another major rally. The next major resistance is near $88.00. Any further gains could send the price towards the USD 92.00 level.
Another drop in the SOL?
If SOL fails to break above the USD 80.00 resistance, it could trigger another decline. The initial downside support is near the $72.00 level.
The first major support is near the $70.00 level or the trendline, below which the price could test $67.50. If there is a close below the USD 67.50 support, the price could fall towards the USD 65.00 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 72.00 and USD 70.00.
Major resistance levels – $76.50, $80.00 and $88.00.
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