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Solana is rising above the $20 resistance towards the US Dollar. SOL worth would possibly proceed to rise steadily towards the $22 zone within the close to time period.

• SOL worth is exhibiting constructive indicators above the $19.50 stage towards the US Dollar.
• The worth is now buying and selling above $20 and the 100 easy transferring common (4 hours).
• There is a serious bullish development line forming with assist close to $19.70 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may proceed to maneuver up until there’s a shut beneath $18.00.

Solana Price Starts Recovery

In the previous few days, Solana’s worth began a recent enhance from the $15.65 assist zone, just like Bitcoin and Ethereum. The bulls gained power for a transparent transfer above the $18 resistance.

The worth even climbed above the $20 stage earlier than the bears appeared. A excessive is fashioned close to $20.95 and the worth is now consolidating beneficial properties. It examined the 23.6% Fib retracement stage of the upward transfer from the $15.64 swing low to the $20.95 excessive.

SOL is now buying and selling above $20 and the 100 easy transferring common (4 hours). There can be a serious bullish development line forming with assist close to $19.70 on the 4-hour chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

On the upside, speedy resistance is close to the $20.50 stage. The first main resistance is close to the $21 stage. A transparent transfer above the $21 resistance would possibly ship the worth towards the $22 resistance. Any extra beneficial properties would possibly ship the worth towards the $22.40 stage.

Downsides Supported in SOL?

If SOL fails to clear the $20.50 resistance, it may begin a draw back correction. Initial assist on the draw back is close to the $19.70 stage and the development line.

The first main assist is close to the $18.40 stage or the 50% Fib retracement stage of the upward transfer from the $15.64 swing low to the $20.95 excessive. If there’s a shut beneath the $18.40 assist, the worth may decline sharply. In the said case, the worth could maybe decline towards the $16.80 assist. The subsequent main assist is close to the $15.65 stage.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

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

Major Support Levels – $19.70, and $18.40.

Major Resistance Levels – $20.50, $21.00, and $22.00.