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Solana is exhibiting bullish indicators above $15 in opposition to the US Dollar. SOL value may prolong its rally above the $18 and $20 resistance ranges.

• Sol value began a recent enhance above the $15 and $16 ranges in opposition to the US Dollar.
• The value is now buying and selling above $16 and the 100 easy shifting common (4-hours).
• There is a key bullish pattern line forming with assist close to $15.90 on the 4-hours chart of the SOL/USD pair (knowledge supply from Kraken).
• The pair may rise additional if it stays above the $15.00 and $12.80 assist ranges.

Solana Price Eyes More Gains

This week, solana value fashioned a base and began a gentle enhance above the $14 degree. There was a robust enhance above the $15 resistance zone, just like bitcoin and ethereum.

The bulls even managed to pump the worth above the $16.50 resistance. It traded to a brand new yearly excessive at $17.47 and is at present consolidating beneficial properties. There was a minor correction beneath the 23.6% Fib retracement degree of the upward wave from the $12.70 swing low to $17.47 excessive.

Sol value is now buying and selling above $16 and the 100 easy shifting common (4-hours). There can also be a key bullish pattern line forming with assist close to $15.90 on the 4-hours chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $17.50 degree. The first main resistance is close to the $18 degree. The subsequent main resistance is close to the $18.80 zone, above which the worth would possibly rise in the direction of the $20 barrier. Any extra beneficial properties would possibly ship the worth in the direction of the $25 degree.

Dips Attractive in SOL?

If SOL fails to clear the $18 resistance, it may begin a draw back correction. An preliminary assist on the draw back is close to the $16.35 degree.

The first main assist is close to the $15.00 degree and the pattern line. It is close to the 50% Fib retracement degree of the upward wave from the $12.70 swing low to $17.47 excessive. The subsequent main assist is close to the $14.10 degree. If there’s a draw back break beneath the $14.10 assist, the worth would possibly check the following key assist at $12.80.

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 degree.

Major Support Levels – $16.30, $15.00 and $14.10.

Major Resistance Levels – $17.40, $18 and $20.