Solana Price Poised for Potential Surge
Solana (SOL) is currently aiming for a fresh increase above the critical $25 resistance level against the US Dollar. If the price manages to close above $25.65, it could rally towards the $30 mark.
Positive Signs for SOL Price
The SOL price is displaying optimistic signs above the $23.80 level in its pairing with the US Dollar. Currently, the price is trading above $24 and is positioned above the 100 simple moving average over a 4-hour timeframe.
A significant breakthrough occurred when a major bearish trend line was surpassed, which previously had resistance around $23.10, as depicted on the 4-hour chart of the SOL/USD pair from Kraken.
If the price successfully clears the $25.65 resistance zone, there is potential for the upward momentum to continue.
Solana Price Starts a Fresh Increase
After experiencing a gradual decline, Solana’s price found a support zone near $22.20. The price reached as low as $22.22 before initiating a recent upward movement, setting it apart from the performance of Bitcoin and Ethereum.
SOL managed to surpass resistance levels at $23.20 and $24.00, and notably broke free from a major bearish trend line with resistance situated near $23.10 on the 4-hour chart of the SOL/USD pair. Additionally, the pair climbed above the 50% Fibonacci retracement level, calculated from the downward move between the $25.65 swing high and the $22.22 low.
Currently, SOL is trading above $24 and is positioned above the 100 simple moving average over a 4-hour timeframe. The immediate resistance level is at $24.85, approximately corresponding to the 76.4% Fibonacci retracement level of the previous downward move.
The foremost significant resistance level is around $25.65. An unambiguous move above this resistance could potentially push the price towards the $28.80 resistance mark, and further gains might even steer the price towards $30.
Assessment of Dips in SOL
In the scenario that SOL encounters difficulty in surpassing the $25.65 resistance, it might prompt a new downward movement. Initial support on the downside is expected near the $24.00 level and the 100 SMA.
The primary major support stands near the $23.50 level. Should the price conclude below the $23.50 support level, the price may experience a decline towards the $22.50 support. This could potentially lead to further downsides targeting the $21.20 support level in the short term.
Technical Indicators
4-Hours MACD – The Moving Average Convergence Divergence (MACD) for SOL/USD is showing an acceleration in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is currently positioned above the 50 level.
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