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Solana’s SOL Price Eyes Further Gains, Poised for Potential 20% Surge

Solana’s SOL has been maintaining its momentum above the critical $65 support level, igniting a new upward trajectory. The cryptocurrency is now preparing for a possible ascent beyond the resistance levels of $75 and $80.

SOL recently embarked on a fresh rally, surpassing the $68 resistance, signalling a bullish turn against the US Dollar.

Currently, the price hovers above $68 and the 100 simple moving average (4 hours). A significant bullish trend line has formed, providing support near $65.50 on the 4-hour SOL/USD chart.

The pair has climbed nearly 10%, with signs pointing towards further gains past the $75 resistance zone.

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Image: Bitget

Solana’s Price Indicates an Upcoming Surge

Solana, akin to Bitcoin and Ethereum, experienced a recent pullback from the $77.75 area. Despite dipping below $75 and $70 support levels, the bulls remained active above $65.

A base was established near $63.78, from which SOL is now rallying. It has overcome the $68 and $70 resistance levels, posting a near 10% increase.

The recovery included crossing the 50% Fib retracement level of the recent decline from the $77.72 high to the $63.78 low.

SOL’s current position above $68 and the 100 simple moving average is promising. The bullish trend line on the SOL/USD pair’s 4-hour chart further reinforces this outlook.

Looking upwards, the immediate resistance lies near $72.40, close to the 61.8% Fib retracement of the recent drop.

Solanas SOL Price Eyes Further Gains Poised for Potential 20

Image: TradingView

The primary resistance is around the $75.00 mark. A decisive move above the $77.75 resistance could ignite a major rally.

The next critical resistance is positioned near $80.00, with potential to extend towards $85.00.

Potential Further Drop in Solana’s Price?

Conversely, if SOL struggles to break the $75.00 resistance, a downward correction might ensue. Initial support is found near $68.50.

The first major support is at the $65.50 trend line, with a further drop possibly leading to the $63.50 level. A close below this could see the price heading towards the $56.00 support zone.

Technical Indicators:

4-Hours MACD – Gaining bullish momentum for SOL/USD.

4-Hours RSI – Above 50, indicating positive sentiment.

Key Support Levels – $68.50 and $65.50.

Key Resistance Levels – $72.40, $75.00, and $77.75.

Disclaimer: This article is for educational purposes and does not constitute financial advice. Readers should conduct their own research before making investment decisions.


* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.