Blog

Solana is recovering above the $16 resistance in opposition to the US Dollar. SOL worth may rise steadily towards the $20 resistance if Bitcoin climbs above $30,800.

• SOL worth is exhibiting constructive indicators above the $16 degree in opposition to the US Dollar.
• The worth is now buying and selling above $15 and the 100 easy transferring common (4 hours).
• There is a serious bullish pattern line forming with assist close to $16.05 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may proceed to maneuver up except there’s a shut beneath $14.40.

Solana Price Recovers 10%

In the previous few days, Solana’s worth began a recent enhance from the $13.00 assist zone. Recently, Bitcoin and Ethereum noticed a gentle enhance, sparking constructive strikes in Solana and Cardano.

The bulls have been capable of push SOL above the $14.40 resistance zone. There was an in depth above the $16.00 resistance. However, the value confronted resistance close to $17.75, and the 50% Fib retracement degree of the important thing decline from the $22.31 swing excessive to the $13.00 low.

SOL is now buying and selling above $15 and the 100 easy transferring common (4 hours). There can also be a serious bullish pattern line forming with assist close to $16.05 on the 4-hour chart of the SOL/USD pair.

On the upside, instant resistance is close to the $17.75 degree. A transparent transfer above the $17.75 resistance may ship the value towards the $20 resistance. It is near the 76.4% Fib retracement degree of the important thing decline from the $22.31 swing excessive to the $13.00 low.

Source: SOLUSD on TradingView.com

An in depth above the $20 degree may resend the value towards the $21.20 resistance zone. Any extra positive factors may ship the value towards the $22.40 degree.

Fresh Decline in SOL?

If SOL fails to clear the $17.75 resistance, it may begin a recent decline. Initial assist on the draw back is close to the $16.00 degree and the pattern line.

The first main assist is close to the $14.40 degree, beneath which the bears may achieve energy. In the said case, the value could maybe decline towards the $13.00 assist. The subsequent main assist is close to the $12.20 degree.

Technical Indicators

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

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

Major Support Levels – $16.00, and $14.40.

Major Resistance Levels – $17.75, $20.00, and $21.20.