25 October 2023
Solana is gaining pace above the $30 resistance against the US Dollar. SOL price remains supported and might aim for a fresh rally toward $35.
SOL price started a major rally above the $28 resistance against the US Dollar.
The price is now trading above $29.20 and the 100 simple moving average (4 hours).
There is a key contracting triangle forming with resistance near $32.10 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could start a strong rally if it clears the $32.10 and $32.75 resistance levels.
Solana Price Eyes More Upsides
After forming a base above $22.50, Solana started a fresh increase. SOL gained bullish momentum after Bitcoin rallied above the $30,000 resistance.
There was a strong move above the $28.80 and $30.00 resistance levels. It even spiked above the $32.50 level. A high is formed near $32.79 and the price is now consolidating gains. There is also a key contracting triangle forming with resistance near $32.10 on the 4-hour chart of the SOL/USD pair.
Solana is now trading above $29.20 and the 100 simple moving average (4 hours). It is now showing positive signs above the 23.6% Fib retracement level of the upward move from the $23.13 swing low to the $32.79 high.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $32.00 level and the triangle region. The first major resistance is near the $32.75 level. A successful close above the $32.75 resistance could set the pace for a larger increase. The next key resistance is near $35.00. Any more gains might send the price toward the $36.50 level.
Are Dips Limited in SOL?
If SOL fails to recover above the $32.00 resistance, it could continue to move down. Initial support on the downside is near the $30.50 level.
The first major support is near the $28.00 level or the 50% Fib retracement level of the upward move from the $23.13 swing low to the $32.79 high. If there is a close below the $28.00 support, the price could decline toward the $26.80 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $30.50, and $28.00.
Major Resistance Levels – $32.00, $32.75, and $35.00.