SOL Could Extend Rally Above $18

Solana is displaying bullish indicators above $15 in opposition to the US Greenback. SOL worth might prolong its rally above the $18 and $20 resistance ranges.

• Sol worth began a contemporary improve above the $15 and $16 ranges in opposition to the US Greenback.
• The worth is now buying and selling above $16 and the 100 easy shifting common (4-hours).
• There’s a key bullish development line forming with help close to $15.90 on the 4-hours chart of the SOL/USD pair (information supply from Kraken).
• The pair might rise additional if it stays above the $15.00 and $12.80 help ranges.

Solana Worth Eyes Extra Beneficial properties

This week, solana worth fashioned a base and began a gentle improve above the $14 degree. There was a robust improve 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 presently consolidating positive factors. 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 worth is now buying and selling above $16 and the 100 easy shifting common (4-hours). There’s additionally a key bullish development line forming with help close to $15.90 on the 4-hours chart of the SOL/USD pair.

Supply: SOLUSD on TradingView.com

On the upside, a direct resistance is close to the $17.50 degree. The primary 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 direction of the $20 barrier. Any extra positive factors would possibly ship the worth in direction of the $25 degree.

Dips Enticing in SOL?

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

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

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 – $16.30, $15.00 and $14.10.

Main Resistance Ranges – $17.40, $18 and $20.