/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Solana is recovering above the $16 resistance against the US Dollar. If bitcoin climbs above $30,800, SOL price is likely to continue higher towards the $20 resistance.
- SOL price is showing positive signs above the $16 level against the US Dollar.
- The price is now trading above the $15 and 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $16.05 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
- The pair is likely to continue its upward move until there is a close below $14.40.
Solana price increased by 10%
In the past few days, Solana price started a fresh increase from the $13.00 support area. Recently, Bitcoin and Ethereum have seen steady growth, leading to a positive shift in Solana and Cardano.
The bulls were able to push SOL above the $14.40 resistance area. There was a close above the $16.00 resistance level. However, the price faced resistance near $17.75, and the 50% Fib retracement level of the decline from the $22.31 high to $13.00 low.
SOL is now trading above $15 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $16.05 on the 4-hours chart of the SOL/USD pair.
On the upside, an immediate resistance is near the $17.75 level. A clear move above the $17.75 resistance could send the price towards the $20 resistance. It is close to the 76.4% Fib retracement level of the major decline from the $22.31 high to $13.00 low.
Source: SOLUSD on Tradingview.com
A close above the $20 level could send the price again towards the $21.20 resistance area. Any more gains can take the price towards the $22.40 level.
Fresh drop in SOL?
If SOL fails to clear the $17.75 resistance, it could start a fresh decline. On the downside, an initial support is near the $16.00 level and the trend line.
The first major support is near the $14.40 level, below which the bears could gain strength. In the mentioned case, the price could probably decline towards the $13.00 support. The next major support is near the $12.20 level.
technical indicators
4-hours MACD – The MACD for SOL/USD is losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $16.00, and $14.40.
Key Resistance Levels – $17.75, $20.00, and $21.20.
