Solana's SOL has been maintaining its momentum above the critical $65 support level, igniting a new upward trajectory. The cryptocurrency is now preparing for a possible ascent beyond the resistance levels of $75 and $80.
SOL recently embarked on a fresh rally, surpassing the $68 resistance, signalling a bullish turn against the US Dollar.
Currently, the price hovers above $68 and the 100 simple moving average (4 hours). A significant bullish trend line has formed, providing support near $65.50 on the 4-hour SOL/USD chart.
The pair has climbed nearly 10%, with signs pointing towards further gains past the $75 resistance zone.
Image: Bitget
Solana, akin to Bitcoin and Ethereum, experienced a recent pullback from the $77.75 area. Despite dipping below $75 and $70 support levels, the bulls remained active above $65.
A base was established near $63.78, from which SOL is now rallying. It has overcome the $68 and $70 resistance levels, posting a near 10% increase.
The recovery included crossing the 50% Fib retracement level of the recent decline from the $77.72 high to the $63.78 low.
SOL's current position above $68 and the 100 simple moving average is promising. The bullish trend line on the SOL/USD pair's 4-hour chart further reinforces this outlook.
Looking upwards, the immediate resistance lies near $72.40, close to the 61.8% Fib retracement of the recent drop.
Image: TradingView
The primary resistance is around the $75.00 mark. A decisive move above the $77.75 resistance could ignite a major rally.
The next critical resistance is positioned near $80.00, with potential to extend towards $85.00.
Conversely, if SOL struggles to break the $75.00 resistance, a downward correction might ensue. Initial support is found near $68.50.
The first major support is at the $65.50 trend line, with a further drop possibly leading to the $63.50 level. A close below this could see the price heading towards the $56.00 support zone.
4-Hours MACD – Gaining bullish momentum for SOL/USD.
4-Hours RSI – Above 50, indicating positive sentiment.
Key Support Levels – $68.50 and $65.50.
Key Resistance Levels – $72.40, $75.00, and $77.75.
Disclaimer: This article is for educational purposes and does not constitute financial advice. Readers should conduct their own research before making investment decisions.
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