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Solana rallied above the $50 resistance towards the US Dollar. SOL value is consolidating beneficial properties above $55 and would possibly lengthen its rally above $65.

• SOL value began a significant rally above the $50 resistance towards the US Dollar.
• The value is now buying and selling above $55 and the 100 easy shifting common (4 hours).
• There is a key contracting triangle forming with assist close to $51.00 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may restart its rally if it clears the $60.00 resistance zone.

Solana Price Sets Up For $75

In the previous few days, Solana noticed a significant rally above the $40 stage. SOL gained bullish momentum and cleared many hurdles close to the $50, outperforming Bitcoin and Ethereum.

It even surged above the $55 and $60 ranges. A brand new multi-week excessive was fashioned close to $63.99 earlier than the value began a minor draw back correction. There was a transfer beneath the $60 stage. The value declined beneath the 23.6% Fib retracement stage of the upward transfer from the $38.05 swing low to the $63.99 excessive.

SOL is now buying and selling above $55 and the 100 easy shifting common (4 hours). There can also be a key contracting triangle forming with assist close to $51.00 on the 4-hour chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

On the upside, fast resistance is close to the $60.00 stage. The first main resistance is close to the $65.00 stage. A profitable shut above the $65.00 resistance may set the tempo for a bigger improve. The subsequent key resistance is close to $70.00. Any extra beneficial properties would possibly ship the value towards the $75.00 stage.

Are Dips Limited in SOL?

If SOL fails to recuperate above the $60.00 resistance, it may begin a draw back correction. Initial assist on the draw back is close to the $55.00 stage.

The first main assist is close to the $51.00 stage, the development line zone, and the 50% Fib retracement stage of the upward transfer from the $38.05 swing low to the $63.99 excessive. If there’s a shut beneath the $51.00 assist, the value may decline towards the $45.00 assist within the close to time period.

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 – $55.00, and $51.00.

Major Resistance Levels – $60.00, $65.00, and $75.00.