Monday, March 4, 2024

SOL Price Resumes Rally, Here’s Why Solana Could Pump 20%

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Solana stayed above the $65 support and started a fresh increase. SOL price is likely setting up for more gains above the $75 and $80 resistance levels.

  • SOL price started a fresh rally above the $68 resistance before the bears appeared against the US Dollar.
  • The price is now trading above $68 and the 100 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $65.50 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
  • The pair is up nearly 10% and might rally further above the $75 resistance zone.

Solana Price Signals Rally

In the past few days, Solana saw a downside correction from the $77.75 zone, like Bitcoin and Ethereum. SOL declined below the $75 and $70 support levels.

However, the bulls were active above the $65 support. A low was formed near $63.78 and the price is now attempting a fresh increase. There was a move above the $68 and $70 resistance levels. The price is up nearly 10% and there was a move above the 50% Fib retracement level of the downward move from the $77.72 swing high to the $63.78 low.

SOL is now trading above $68 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $65.50 on the 4-hour chart of the SOL/USD pair.

On the upside, immediate resistance is near the $72.40 level. It is near the 61.8% Fib retracement level of the downward move from the $77.72 swing high to the $63.78 low. The first major resistance is near the $75.00 level.

SOL Price

Source: SOLUSD on TradingView.com

The main resistance is now near $77.75. A successful close above the $77.75 resistance could set the pace for another major rally. The next key resistance is near $80.00. Any more gains might send the price toward the $85.00 level.

Another Decline in SOL?

If SOL fails to rally above the $75.00 resistance, it could start a fresh decline. Initial support on the downside is near the $68.50 level.

The first major support is near the $65.50 level or the trend line, below which the price could test $63.50. If there is a close below the $63.50 support, the price could decline toward the $56.00 support in the near term.

Technical Indicators

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

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

Major Support Levels – $68.50, and $65.50.

Major Resistance Levels – $72.40, $75.00, and $77.75.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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