Solana Smashes Key Resistance, $22 Could Be Next

Solana is rising above the $20 resistance in opposition to the US Greenback. SOL worth may proceed to rise steadily towards the $22 zone within the close to time period.

• SOL worth is displaying constructive indicators above the $19.50 stage in opposition to the US Greenback.
• The worth is now buying and selling above $20 and the 100 easy shifting common (4 hours).
• There’s a main bullish pattern line forming with help close to $19.70 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair might proceed to maneuver up except there’s a shut beneath $18.00.

Solana Worth Begins Restoration

Up to now few days, Solana’s worth began a recent improve from the $15.65 help zone, just like Bitcoin and Ethereum. The bulls gained energy for a transparent transfer above the $18 resistance.

The worth even climbed above the $20 stage earlier than the bears appeared. A excessive is shaped close to $20.95 and the worth is now consolidating positive factors. It examined the 23.6% Fib retracement stage of the upward transfer from the $15.64 swing low to the $20.95 excessive.

SOL is now buying and selling above $20 and the 100 easy shifting common (4 hours). There’s additionally a serious bullish pattern line forming with help close to $19.70 on the 4-hour chart of the SOL/USD pair.

Supply: SOLUSD on TradingView.com

On the upside, rapid resistance is close to the $20.50 stage. The primary main resistance is close to the $21 stage. A transparent transfer above the $21 resistance may ship the worth towards the $22 resistance. Any extra positive factors may ship the worth towards the $22.40 stage.

Downsides Supported in SOL?

If SOL fails to clear the $20.50 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $19.70 stage and the pattern line.

The primary main help is close to the $18.40 stage or the 50% Fib retracement stage of the upward transfer from the $15.64 swing low to the $20.95 excessive. If there’s a shut beneath the $18.40 help, the worth might decline sharply. Within the acknowledged case, the worth might maybe decline towards the $16.80 help. The subsequent main help is close to the $15.65 stage.

Technical Indicators

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

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

Main Help Ranges – $19.70, and $18.40.

Main Resistance Ranges – $20.50, $21.00, and $22.00.