SOL Price (Solana) Gearing For Lift-Off to $30: Rally Isn’t Over Yet

Key Takeaways:

• SOL price is attempting a fresh rally above the $26.50 resistance.
• A contracting triangle is forming with resistance near $27.20 on the 4-hour chart.
• The price could rally if there is a close above the $28.50 resistance.

Solana’s SOL is rising from the $25 zone. The price could rally 10%-15% if there is a break above the $27.20 and $28.50 resistance levels.

Solana (SOL) Price Aims Higher

After a strong bearish reaction from $31.75, the SOL price started a downside correction against the US Dollar. The price declined below the $28.50 support zone, but the downsides were limited.

The price found support near the $25 zone and the 50 simple moving average (blue, 4 hours). A low was formed near $24.90, and the price is now attempting a fresh rally. There was a move above the $25.50 level.

The price now trades well above $25 and the 50 simple moving average (blue, 4 hours). It tests the downside correction’s 23.6% Fib retracement level from the $31.73 swing high to the $24.92 low.

SOL is up over 5% daily, outperforming Bitcoin and Ethereum. On the upside, the bulls face a major hurdle near the $27.00 level. A key contracting triangle is forming with resistance near $27.20 on the 4-hour chart.

A clear break above the triangle resistance could send the price toward the $28.50 resistance zone. It is near the downside correction’s 50% Fib retracement level from the $31.73 swing high to the $24.92 low.

A successful daily close above the $28.50 resistance could initiate a fresh rally. The next key resistance is near the $30.20 zone. If there is a clear move above $30.20, Solana could rise toward the $32.50 resistance zone. The price might even test the $34 pivot level in the stated case.

Fresh Dip?

Conversely, SOL might struggle to clear the $27.20 resistance. In this case, the price might start a fresh decline toward the 50 simple moving average (blue, 4 hours).

The first major support is near the $25 level and the triangle lower trend line. A close below $25.00 may possibly send the price lower toward the $22.40 support. Any more losses may open the doors for a move toward the $20.00 support.

Overall, the SOL price shows signs of a fresh increase from the $25 zone. If the bulls remain in action, there could be a steady drift toward the $32 resistance. Conversely, the price might correct further lower toward $22.