/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
[ad_1]
Solana is correcting higher above the $20 resistance against the US Dollar. SOL price is likely to continue rising towards the $22 area in the near term.
- SOL price is showing positive signs above the $19.50 level against the US Dollar.
- The price is now trading above the $20 and 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $19.70 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
- The pair is likely to continue its upward move until there is a close below $18.00.
Solana price starts improving
In the past few days, Solana price started a fresh increase from the $15.65 support area, similar to bitcoin and Ethereum. The bulls gained strength for a clear move above the $18 resistance.
The price even climbed above the $20 level before the bears appeared. There remained a high near $20.95 and the price is now consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $15.64 low to $20.95 high.
SOL is now trading above the $20 and 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $19.70 on the 4-hours chart of the SOL/USD pair.
Source: SOLUSD on Tradingview.com
On the upside, an immediate resistance is near the $20.50 level. The first major resistance is near the $21 level. A clear move above the $21 resistance could send the price towards the $22 resistance. Any more gains can take the price towards the $22.40 level.
Downside supported in SOL?
If SOL fails to clear the $20.50 resistance, it could start a downside correction. On the downside, an initial support is near the $19.70 level and the trend line.
The first major support is near the $18.40 level or the 50% Fib retracement level of the upward move from the $15.64 low to $20.95 high. If there is a close below the $18.40 support, the price is likely to decline sharply. In the mentioned case, the price could probably decline towards the $16.80 support. The next major support is near the $15.65 level.
technical indicators
4-hours MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $19.70, and $18.40.
Key Resistance Levels – $20.50, $21.00, and $22.00.
