Key Takeaways:
- SOL price surged over 25% and reached the final target of $30.
- A major bullish trend line is forming with support near $24.80 on the daily chart.
- Solana could soon extend its rally toward the $32 and $35 levels.
NEW DELHI (CoinChapter.com) — Solana (SOL) is up over 30% in a few days. The bulls are in full control and could aim for a move toward the $35 level.
Solana Price Turns Green — Technical Analysis Below
As discussed in the last SOL price prediction, there were high chances of a decent rally in Solana above the $25.00 level. The bulls gained pace for a move above the $26.50 resistance level.
Recently, there were bullish moves in Bitcoin, Ethereum, and other cryptocurrencies. It opened the gates for more upsides in Solana above the $28.50 resistance level. It cleared the 61.8% Fib retracement level of the main decline from the $32.50 swing high to the $17.36 low.
SOL even surged and spiked above the final target of $30. A high was formed near $31.38, and the price now trades well above the 50-day simple moving average (blue).
It is now consolidating gains above the $29.50 level. A major bullish trend line is forming with support near $24.80 on the daily chart. If Solana remains stable above the $28.50 support, there could be more upsides.
Immediate resistance is near the $30 level. A clear upside break above the $30 resistance could fuel another rally. The first major resistance above $30.00 could be $32.00. The next stop for the bulls might be near $33.20, above which Solana might accelerate higher toward the $35.00 level in the coming days.
Downside Correction in SOL?
Conversely, the SOL price might start a downside correction below the recent increase’s 23.6% Fib retracement level from the $20.96 swing low to the $31.38 high.
The first major support sits at $27.80. The main support is now forming near the $26.00 trend line. It is close to the 61.8% Fib retracement level of the recent increase from the $20.96 swing low to the $31.38 high.
If the bulls fail to protect the $24.80 support, the price could test the 50-day simple moving average (blue) at $21.50. Any more losses might clear the path for a test of the $20.00 support region.
Overall, the SOL price is gaining pace and could soon rally further above the $30.00 resistance. There are high chances of a move toward $35 in the stated case. If not, Solana might start a downside correction toward $26 or $24.80.
