Solana rallied above the $50 resistance against the US Dollar. SOL price is consolidating gains above $55 and might extend its rally above $65.
- SOL price started a major rally above the $50 resistance against the US Dollar.
- The price is now trading above $55 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with support near $51.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could restart its rally if it clears the $60.00 resistance zone.
Solana Price Sets Up For $75
In the past few days, Solana saw a major rally above the $40 level. SOL gained bullish momentum and cleared many hurdles near the $50, outperforming Bitcoin and Ethereum.
It even surged above the $55 and $60 levels. A new multi-week high was formed near $63.99 before the price started a minor downside correction. There was a move below the $60 level. The price declined below the 23.6% Fib retracement level of the upward move from the $38.05 swing low to the $63.99 high.
SOL is now trading above $55 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with support near $51.00 on the 4-hour chart of the SOL/USD pair.
Source: SOLUSD on TradingView.com
On the upside, immediate resistance is near the $60.00 level. The first major resistance is near the $65.00 level. A successful close above the $65.00 resistance could set the pace for a larger increase. The next key resistance is near $70.00. Any more gains might send the price toward the $75.00 level.
Are Dips Limited in SOL?
If SOL fails to recover above the $60.00 resistance, it could start a downside correction. Initial support on the downside is near the $55.00 level.
The first major support is near the $51.00 level, the trend line zone, and the 50% Fib retracement level of the upward move from the $38.05 swing low to the $63.99 high. If there is a close below the $51.00 support, the price could decline toward the $45.00 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 – $55.00, and $51.00.
Major Resistance Levels – $60.00, $65.00, and $75.00.
Source: NewsBTC.com
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