Solana has moved above the $16 barrier level versus the US dollar. If Bitcoin rises above $30,800, the SOL price may advance steadily toward the $20 resistance.
The SOL price is rising above the $16 barrier versus the US dollar.
The price is presently trading above $15 and above the 100-hour simple moving average.
On the 4-hour SOL/USD pair chart, a major bullish trend line is emerging with support near $16.05 (data from Kraken).
Unless there is closing below $14.40, the pair could continue to rise.
The price of Solana has recovered by 10%.
Solana's price has recently begun a new upward trend from the $13.00 support zone. Bitcoin and Ethereum have recently seen sustained gains, sparking good movements in Solana and Cardano.
The Bulls were successful in pushing SOL above the $14.40 barrier level. Closing over the $16.00 resistance was recorded. However, resistance was encountered near $17.75, and the 50% Fib retracement level of the crucial slide from the $22.31 swing high to the $13.00 low.
SOL is now trading above $15 and the 100-hour simple moving average. On the 4-hour chart of the SOL/USD pair, an extensive bullish trend line is emerging with support near $16.05.
On the upside, immediate resistance is located near $17.75. A clear break above the $17.75 resistance level might push the stock toward the $20 level. It is close to the 76.4% Fib retracement level of the crucial slide from the swing high of $22.31 to the low of $13.00.
Closing above $20 might return the price to the $21.20 barrier zone. Any further rises might push the price up to $22.40.
New Decline in the SOL?
SOL could begin a new slide if it is unable to overcome the $17.75 resistance. The trend line and the $16.00 level provide immediate support on the downside.
Near $14.40 is the first significant support, below which the bears can gain momentum. In the described scenario, the price may fall toward the $13.00 support. Near the $12.20 mark, the next significant support is located.
4-Hours MACD - The SOL/USD MACD is eroding in the bullish region.
The relative Strength Index (RSI) for SOL/USD at 4 hours is higher than 50.
Significant Support Levels: $16.00 and $14.40.
Three significant resistance levels exist: $17.75, $20.00, and $21.20.
Solana's remarkable performance in the cryptocurrency market has propelled its price to new heights, with bullish investors setting their sights on reaching $20 or higher. The platform's scalability, low transaction fees, and growing ecosystem have contributed to its value appreciation. As with any investment, individuals need to conduct their research and consider the associated risks. The future of Solana and its price trajectory will be influenced by various factors, including market conditions, adoption rate, and technological advancements within the blockchain industry.