Over the $30 resistance level against the US Dollar, Solana is accelerating. The SOL price is still well-supported and may strive for a new upsurge towards $35.
- The SOL price vs the US Dollar began a significant climb above the $28 level.
- The price is currently trading above $29.20 and the 4-hour 100 SMA.
- On the 4-hour chart of the SOL/USD pair (data source from Kraken), a significant contracting triangle with resistance near $32.10 is forming.
- If the pair overcomes the $32.10 and $32.75 resistance levels, a significant surge may begin.
Solana Price Eyes More Upsides
Solana began a new climb after establishing a base over $22.50. After Bitcoin surged above the $30,000 level, SOL started to move up.
The resistance levels of $28.80 and $30.00 were decisively broken. Even more so, it rose past $32.50. Near $32.79, a high has formed, and the price is currently consolidating gains. On the 4-hour chart of the SOL/USD pair, a significant contracting triangle with resistance near $32.10 is also developing.
The price of Solana is currently above $29.20 and the 4-hour 100-simple moving average. Above the 23.6% Fib retracement level of the upward movement from the $23.13 swing low to the $32.79 high, it is currently exhibiting good signs.
SOLUSD on TradingView.com as a source
On the upside, the triangle area and the $32.00 level present near-term resistance. The $32.75 level is the first significant resistance. A successful closing over the resistance level of $32.75 might lay the stage for a more significant advance. A critical resistance is located close to $35.00. If there are any further gains, the price may move closer to $36.50.
Do Dips have a SOL limit?
SOL might keep falling if it can’t rise above the $32.00 resistance. Near $30.50 is where initial support on the downside is located.
The 50% Fib retracement level of the upward movement from the $23.13 swing low to the $32.79 high, or the $28.00 level, serves as the first significant support. The price may drop in the near future below the $26.80 support if a closing is made below the $28.00 support.
Technical Significance
4-Hours MACD – The SOL/USD MACD is accelerating in the bullish area.
Relative Strength Index (4-hours): SOL/USD’s RSI is higher than 50.
$30.50 and $28.00 are the major support levels.
Three significant resistance levels exist: $32, $32.75 and $35.