SOL Price Forecast: Solana Stock Up 15%, Is This Just the Beginning of a Big Rally? cryptoforbs

Solana rises above the $23.50 resistance level against the US dollar. SOL price could accelerate higher if it crosses the $25.00 resistance area.

SOL price is up over 15% and is showing signs of continuing the uptrend against the US Dollar.
The price is now trading below the $23.00 level and the 100 simple moving average (4-hours).
There is a major bullish trend line forming with support near $23.10 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
The pair may rise further if it crosses the $25 resistance area.

Solana price starts new high

In the past few days, Solana price has formed a strong support base above the $18.80 level. SOL started a strong rally after settling above the $22 resistance area.

There has been a steady increase above the $23.20 resistance level, outpacing Bitcoin and Ethereum. It rose over 15% and tested the resistance level at $24.50. A top was formed near $24.47 and the price is now consolidating its gains. SOL is well above the 23.6% Fib retracement level of the upward move from the swing low of $18.75 to the swing high of $24.47.

It is also trading below the $23.00 level and the 100 simple moving average (4-hours). Moreover, there is a major bullish trend line forming with support near $23.10 on the 4-hours chart of the SOL/USD pair.

source: SOLUSD on TradingView.com

On the upside, immediate resistance is near the $24.50 level. The first major resistance is near the $25.00 level. A clear move above the $25 resistance level could send the price towards the $27.20 resistance level. The next major resistance is near $28.80. Any further gains could send the price towards the $30 level.

Correcting downside in SOL?

If SOL fails to settle above $24.50 and $25.00, it may start a downward correction. Initial support on the downside is near the $23.20 level and the trend line.

The first major support is near the $21.50 level or the 50% Fib retracement level of the upward move from the $18.75 swing low to the $24.47 swing high. If there is a close below the $21.50 support level, the price may fall towards the $20.50 support level. In the mentioned case, there is a risk of further downside towards the $20.00 support in the near term.

Technical indicators

MACD on 4-hour chart – The MACD indicator for SOL/USD is gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Key Support Levels – $23.20 and $21.50.

Major resistance levels – $24.50, $25.00, and $27.20.

Tags: SolanasolpexolUSDSOLUSDT

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