SOL Price Rallies Over 50% In Few Days But Uptrend Is Far From Over

Solana rallied above the $60 resistance in opposition to the US Greenback. SOL worth is up over 50% in just a few days and would possibly proceed to rise towards the $75 stage.

• SOL worth began a significant rally above the $55 resistance in opposition to the US Greenback.
• The worth is now buying and selling above $60 and the 100 easy shifting common (4 hours).
• There’s a main bullish development line forming with help close to $55.00 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair might proceed to maneuver up if it clears the $68.00 resistance zone.

Solana Value Regains Power

Up to now few days, Solana noticed a significant rally above the $50 stage. SOL gained bullish momentum after it settled above $50, outperforming Bitcoin and Ethereum.

The worth is up over 50% in just a few days and the bulls aren’t executed but. The latest transfer took the value above the $65 stage. A excessive is fashioned close to $67.21 and the value is now consolidating positive aspects. It’s displaying constructive indicators above the 23.6% Fib retracement stage of the upward transfer from the $51.23 swing low to the $67.21 excessive.

SOL is now buying and selling above $60 and the 100 easy shifting common (4 hours). There’s additionally a significant bullish development line forming with help close to $55.00 on the 4-hour chart of the SOL/USD pair.

Supply: SOLUSD on TradingView.com

On the upside, speedy resistance is close to the $67.20 stage. The primary main resistance is close to the $68.00 stage. A profitable shut above the $65.00 resistance might set the tempo for a bigger enhance. The subsequent key resistance is close to $70.00. Any extra positive aspects would possibly ship the value towards the $75.00 stage.

Are Dips Supported in SOL?

If SOL fails to recuperate above the $68.00 resistance, it might begin a draw back correction. Preliminary help on the draw back is close to the $62.50 stage.

The primary main help is close to the $57.75 stage or the 61.8% Fib retracement stage of the upward transfer from the $51.23 swing low to the $67.21 excessive, beneath which the value might check the development line. If there’s a shut beneath the $55.00 help, the value might decline towards the $50.00 help within the close to time period.

Technical Indicators

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

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

Main Help Ranges – $62.50, and $57.75.

Main Resistance Ranges – $68.00, $70.00, and $75.00.