Solana Hints At Potential Fresh Rally To $30

Solana is attempting a fresh increase above the $25 resistance against the US Dollar. SOL price might continue to rise steadily toward the $30 zone in the near term.

• SOL price is showing positive signs above the $24 level against the US Dollar.
• The price is now trading near $25 and the 100 simple moving average (4 hours).
• There was a break above a major bearish trend line with resistance near $24.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
• The pair could continue to move up if it clears the $26 resistance zone.

Solana Price Starts Recovery

After a steady decline, Solana’s price found support near the $22.75 zone. SOL traded as low as $22.70 and recently started a recovery wave, unlike Bitcoin and Ethereum.

The price climbed above the $24 and $24.50 resistance levels. There was a break above a major bearish trend line with resistance near $24.80 on the 4-hour chart of the SOL/USD pair. The pair climbed above the 23.6% Fib retracement level of the downward move from the $32.42 swing high to the $22.70 low.

SOL is now trading near $25 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $25.90 level. The first major resistance is near the $26 level. A clear move above the $26 resistance might send the price toward the $28.80 resistance.

Source: SOLUSD on TradingView.com

The 61.8% Fib retracement level of the downward move from the $32.42 swing high to the $22.70 low is also near the $28.80 level. Any more gains might send the price toward the $30 level.

Another Drop in SOL?

If SOL fails to clear the $26 resistance, it could start a fresh decline. Initial support on the downside is near the $24.80 level and the broken trend line.

The first major support is near the $24 level. If there is a close below the $24 support, the price could decline toward the $22.75 support. In the stated case, there is a risk of more downsides toward the $20 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

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

Major Support Levels – $24.00, and $22.75.

Major Resistance Levels – $26.00, $28.80, and $30.00.