As a result, Solana is now trading at a premium of $23.50 above the US Dollar. If SOL price breaks above the $25.00 barrier, it may surge even higher.
The price of $SOL has increased by more than 15% versus the USD, and it appears to be continuing its upward trend.
The current price is below the 100 day moving average and $23.00. (4 hours).
On the 4-hour chart, support at $23.10 is building as part of a crucial bullish trend line for the SOL/USD pair (data source from Kraken).
If the pair can break over the $25 level of resistance, additional gains are possible.
#Solana Price Begins New Upswing
Recently, the price of Solana has found solid ground over the $18.80 mark. As SOL broke out above the $22 zone of resistance, it began a rapid ascent.
Consistent growth occurred over the $23.20 obstacle, which was exceeded at a faster rate than Bitcoin and Ethereum. The $24.50 resistance level has been tested after a rise of nearly 15%. A peak has been created near $24.47, and the price is currently working to consolidate its gains. Compared to the 23.6% Fib retracement level of the uptrend from the $18.75 swing low to the $24.47 high, SOL is trading at a much more favourable price.
It has fallen below $23.00 and the 100-day moving average in recent trade (4 hours). Moreover, on the 4-hour chart for SOL/USD, major bullish trend line support can be seen at $23.10.
Upwards, $24.50 is a key level of resistance. The $25.00 mark is the first significant barrier. If the price breaks out over the $25 resistance level, it may head for the $27.20 barrier. The next major barrier to overcome is about $28.80. If prices continue to rise, they might soon approach $30.
Negative Revision of SOL?
SOL may initiate a downward decline if it does not close above $24.50 and $25.00. Downward momentum is first bolstered by $23.20 and the trend line.
The 50% Fibonacci retracement level of the uptrend from the swing low at $18.75 to the high at $24.47 provides first strong support. A drop to the $20.50 support level is possible if the price closes below $21.50. Further losses approaching the $20.00 support are possible in the described circumstance.
The MACD for SOL/USD during the past four hours is gaining momentum in the positive region.
According to a timeframe of 4 hours, SOL/relative USD's strength index (RSI) is higher than 50.
$23.20 and $21.50 are two major support levels.
The $24.50, $25.00, and $27.20 levels all pose significant resistance.
