Solana rose above the $60 resistance against the US dollar. The SOL price has risen more than 50% in a few days and could continue to rise towards the $75 level.
- SOL price started a major rally above the USD 55 resistance against the US dollar.
- The price is now trading above $60 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support around $55.00 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could continue to rise if it crosses the $68.00 resistance zone.
Solana Price regains strength
In recent days, Solana saw a big rally above the $50 level. SOL gained bullish momentum after breaking above $50 and outperforming Bitcoin and Ethereum.
The price has risen more than 50% in a few days and the bulls are not done yet. The recent move took the price above the USD 65 level. A high is formed near USD 67.21 and the price is now consolidating gains. It is showing positive signals above the 23.6% Fib retracement level of the upward move from the $51.23 swing low to the $67.21 high.
SOL is now trading above $60 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support around $55.00 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is around the $67.20 level. The first major resistance is around the $68.00 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.
Are dips supported in SOL?
If SOL fails to recover above the USD 68.00 resistance, a downside correction could occur. The initial downside support is near the $62.50 level.
The first major support is near the $57.75 level or the 61.8% Fib retracement level of the upward move from the $51.23 swing low to the $67.21 high, below which the price could test the trendline . If there is a close below the $55.00 support, the price could fall towards the $50.00 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – $62.50 and $57.75.
Major resistance levels – $68.00, $70.00 and $75.00.
