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.
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