Solana has experienced a significant increase, breaking past the $60 resistance level against the US Dollar. The price of SOL has grown over 50% recently and appears poised to continue its ascent, potentially reaching the $75 mark.
The rally began when SOL overcame the $55 resistance. It is now trading above $60 and has crossed the 100 simple moving average over a 4-hour period. The 4-hour chart of the SOL/USD pair, with data sourced from Kraken, shows a strong bullish trend line forming with support near $55.00. The upward momentum is likely to persist, especially if SOL can surpass the $68.00 resistance zone.
Solana’s Value Rises Quickly
Recently, Solana’s value jumped a lot, going above $50. SOL got really strong after it passed the $50 mark, doing better than Bitcoin and Ethereum.
Its price rose more than 50% in just a few days, and it seems like it will keep going up. The price went over $65, and the highest it reached was near $67.21. Now, Solana’s price is staying steady, showing good signs. It’s doing well, especially compared to its recent low of $51.23 and high of $67.21.
SOL is currently being traded for more than $60 and is doing better than the average price over the last 100 hours. Also, there’s a really positive trend in its value, with strong support around $55, as seen in the SOL/USD chart for every 4-hour period.
Right now, SOL faces its first small challenge at about $67.20. The next big hurdle is close to $68.00. If SOL can stay above the $65.00 mark, it might start to increase a lot more. After that, the important level to watch is around $70.00. If it keeps going up, SOL’s price could even reach the $75.00 mark.
Does SOL Have Support During Price Drops?
If SOL can’t get past the $68.00 resistance, it might see a drop in its price. The first place it can expect some support is around $62.50.
The main support level is near $57.75, which is also the 61.8% mark of the rise from its low at $51.23 to its high at $67.21. If it goes below this, it might reach the trend line. Should the price fall below the $55.00 support, then it could further drop towards the $50.00 mark soon.
Technical Details for SOL
- The MACD (Moving Average Convergence Divergence) for SOL in relation to USD is slowing down, even though it’s still in a positive area.
- The RSI (Relative Strength Index) for SOL compared to USD is over 50, which is a good sign.
- Key levels where SOL might find support are at $62.50 and $57.75.
- The main levels where SOL could face resistance are at $68.00, $70.00, and $75.00.
