SOL Price Prediction: Solana Surges 10%, and Bulls Are Not Done Yet

Key Takeaways:

• SOL price rallied and tested the $22.60 resistance zone.
• It broke a crucial bearish trend line with resistance near $20.55 on the 4-hours chart.
• The current price action suggests the bulls are not done yet and might aim for a move to $24.

Solana’s SOL is up over 10% and trading above the $22.20 level. The price might rally further and test the $24 resistance zone.

Solana (SOL) Price Hits First Bullish Target

In a recent SOL price prediction, we discussed a scenario that could trigger a fresh increase against the US Dollar. However, the price did form a base and remained stable above the $20.00 support zone.

As a result, a steady surge was initiated, and the price cleared the $20.50 resistance. Furthermore, it cleared a crucial bearish trend line with resistance near $20.55 on the 4-hours chart. Besides, the recent bullish breakout in Bitcoin triggered more upsides in SOL.

There was a strong increase above the $21.20 resistance zone and the 50 simple moving average (blue, 4 hours). It opened the doors for more gains above the $22.00 resistance.

SOL climbed above the 61.8% Fib retracement level of the main decline from the $23.90 swing high to the $19.31 low. Today, the price is up over 10%, and the current price action calls for more gains in the coming sessions.

On the upside, immediate resistance is near the $22.80 level. It coincides with the 76.4% Fib retracement level of the main decline from the $23.90 swing high to the $19.31 low.

The next major resistance is near the $23.50 zone. A clear wave above the $23.50 level could start a fresh surge soon. The price may rise toward the $24.00 resistance in the stated case.

Dips Supported?

Conversely, Solana could start a downside correction from the $22.80 zone. Immediate support is seen near the $22.15 level. The next major support is nearly $21.60.

A close below $21.60 may perhaps send the price further lower. In the stated case, the price might decline toward the $20.50 support and the 50 simple moving average (blue, 4 hours). Any more losses may open the doors for a move toward the $20.00 level.

Overall, SOL’s price is increasing above the $22.20 and $22.40 levels. If the bulls clear the $22.80 hurdle, the price may rise toward $24.00. Conversely, there might be a fresh decline toward the $20.50 support.