Key Takeaways:
- The SOL price is over 15%, trading above the $17.50 resistance zone.
- It cleared a key declining channel with resistance near $16.90 on the 4-hour chart.
- The price could rise to $22 if it clears the $19.35 resistance.
NEW DELHI (CoinChapter.com) — Solana’s SOL is rising from the $15.50 zone. The price is showing a lot of bullish signs and might surge further toward the $22 resistance.
Solana (SOL) Price Regains Strength
After forming a base above the $14.00 zone, SOL price started a steady increase against the US Dollar. The price settled above the $15.50 resistance zone to move into a short-term positive zone.
Recently, the price started a strong increase from the $15.50 zone. It broke a key declining channel with resistance near $16.90 on the 4-hour chart. There was a proper close above the 50 simple moving average (blue, 4 hours).
The bulls pumped the price above the 50% Fib retracement level of the main decline from the $22.30 swing high to the $13.00 low. It is up over 15% in a day, outperforming Bitcoin and Ethereum.
On the upside, SOL bulls are facing a major hurdle near the $19.35 level. The next major resistance is near the $20 zone or the 76.4% Fib retracement level of the main decline from the $22.30 swing high to the $13.00 low.
A successful daily close above the $20 resistance could initiate a fresh rally. The next key resistance is near the $22.30 zone. If there is a clear move above $22.30, Solana could rise toward the $24.50 resistance zone. In the stated case, the price might even test the $25 pivot level.
Are Dips Supported?
Conversely, SOL might struggle to clear the $19.35 resistance. In this case, the price might start a downside correction and test the $18.00 level.
The first major support is near the $17.00 level and the 50 simple moving average (blue, 4 hours). A close below $17.00 may perhaps send the price further lower toward the $16.20 support. Any more losses may perhaps open the doors for a move toward the $15.50 support.
Overall, the SOL price is gaining pace above the $18.00 resistance. If the bulls remain in action, there could be a steady drift toward the $22 resistance. Conversely, the price might correct lower and revisit the $16.20 support zone.
