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Home»BITCOIN NEWS»SOL price resumes rebound. Here’s why Solana rose 20%:
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SOL price resumes rebound. Here’s why Solana rose 20%:

By Crypto FlexsDecember 14, 20233 Mins Read
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SOL price resumes rebound.  Here’s why Solana rose 20%:
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Solana started a new hike by holding above the $65 support level. SOL price is likely to take more profits above the $75 and $80 resistance levels.

  • SOL price started a new rally above the $68 resistance line before breaking down against the US dollar.
  • The price is currently trading above $68 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the SOL/USD pair, there is a major bullish trend line forming with support near $65.50 (data source from Kraken).
  • The pair is up almost 10% and may rise further above the $75 resistance zone.

Solana price rise signal

Over the past few days, Solana, like Bitcoin and Ethereum, has seen a downward correction in the $77.75 area. SOL fell below the $75 and $70 support levels.

However, the bulls remained active above the $65 support level. A low was made around $63.78 and the price is currently attempting a new rise. There was a move above the $68 and $70 resistance levels. The price rose nearly 10%, with a move above the 50% Fib retracement level moving down from the $77.72 swing high to the $63.78 low.

SOL is currently trading above $68 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $65.50 on the 4-hours chart of the SOL/USD pair.

On the other hand, immediate resistance is near the $72.40 level. This is near the 61.8% Fib retracement level of the downward move from the $77.72 swing high to the $63.78 low. The first major resistance is near the $75.00 level.

Source: SOLUSD on TradingView.com

Key resistance is currently near $77.75. A successful close above the $77.75 resistance could set the pace for another major rally. The next major resistance is near $80.00. If more profits are made, the price may rise to the $85.00 level.

Another drop in SOL?

If SOL fails to rebound above the $75.00 resistance, a new downtrend could begin. Initial support for the downside is near the $68.50 level.

The first major support is near the $65.50 level or trend line, below which the price may test $63.50. If the price closes below the $63.50 support, the price may fall towards the $56.00 support in the near term.

technical indicators

4-Hour MACD – The MACD for SOL/USD is pacing in bullish territory.

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

Key support levels – $68.50 and $65.50.

Key resistance levels – $72.40, $75.00, $77.75.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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