Solana is rising above the $20 resistance towards the US Greenback. SOL value may proceed to rise steadily towards the $22 zone within the close to time period.
- SOL value is exhibiting optimistic indicators above the $19.50 degree towards the US Greenback.
- The worth is now buying and selling above $20 and the 100 easy transferring common (4 hours).
- There’s a main bullish pattern line forming with help close to $19.70 on the 4-hour chart of the SOL/USD pair (knowledge supply from Kraken).
- The pair might proceed to maneuver up except there’s a shut beneath $18.00.
Solana Value Begins Restoration
Previously few days, Solana’s value began a recent enhance from the $15.65 help zone, just like Bitcoin and Ethereum. The bulls gained energy for a transparent transfer above the $18 resistance.
The worth even climbed above the $20 degree earlier than the bears appeared. A excessive is fashioned close to $20.95 and the worth is now consolidating good points. It examined the 23.6% Fib retracement degree 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 may be additionally a serious bullish pattern line forming with help close to $19.70 on the 4-hour chart of the SOL/USD pair.
Supply: SOLUSD on TradingView.com
On the upside, rapid resistance is close to the $20.50 degree. The primary main resistance is close to the $21 degree. A transparent transfer above the $21 resistance may ship the worth towards the $22 resistance. Any extra good points may ship the worth towards the $22.40 degree.
Downsides Supported in SOL?
If SOL fails to clear the $20.50 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $19.70 degree and the pattern line.
The primary main help is close to the $18.40 degree or the 50% Fib retracement degree of the upward transfer from the $15.64 swing low to the $20.95 excessive. If there’s a shut beneath the $18.40 help, the worth might decline sharply. Within the said case, the worth could maybe decline towards the $16.80 help. The subsequent main help is close to the $15.65 degree.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 degree.
Main Help Ranges – $19.70, and $18.40.
Main Resistance Ranges – $20.50, $21.00, and $22.00.
