Solana has sustained its upward trajectory, firmly holding above the crucial $65 support level and signaling a renewed surge. The SOL price is poised for further advancement beyond the resistance thresholds at $75 and $80.
Experiencing a corrective pullback from the $77.75 mark, in tandem with movements observed in Bitcoin and Ethereum, Solana briefly dipped below key support levels at $75 and $70. Despite this, robust support materialized above $65, establishing a low point at approximately $63.78. Presently, the cryptocurrency is endeavoring to establish a fresh uptrend.
Over the past few days, Solana underwent a corrective downturn from the $77.75 region, paralleling the trajectories of Bitcoin and Ethereum. SOL breached the $75 and $70 support levels during this period.
However, bullish activity emerged above the $65 support, culminating in a low near $63.78. Currently, the price is on the ascent, with a notable upswing beyond the $68 and $70 resistance levels. The price has surged by nearly 10%, surpassing the 50% Fibonacci retracement level of the downward movement from the $77.72 peak to the $63.78 low.
Solana’s Current Trading Position And Bullish Trends
As of now, SOL is trading above $68 and the 100 simple moving average (4 hours), with a significant bullish trend line forming support around $65.50 on the 4-hour SOL/USD chart.
On the upward front, immediate resistance resides near the $72.40 level, closely aligned with the 61.8% Fibonacci retracement level of the downward movement from the $77.72 peak to the $63.78 low.
The primary hurdle is situated at $75.00, with the main resistance at $77.75. A successful breach of the latter could pave the way for a substantial rally, with the subsequent critical resistance at $80.00 and a potential further surge towards $85.00.
Conversely, if Solana fails to overcome the $75.00 resistance, a fresh decline might ensue. Initial downside support is anticipated around the $68.50 level, with the first major support at $65.50 or the trend line. A breach below this level could lead to a test of $63.50, and a close below the $63.50 support might prompt a decline towards the near-term support at $56.00.
In the 4-hour analysis, the Moving Average Convergence Divergence (MACD) for SOL/USD is exhibiting an uptick, indicating a strengthening bullish trend. Simultaneously, the Relative Strength Index (RSI) for SOL/USD registers above the 50 level, underscoring the prevailing strength in the bullish momentum. Key support levels to monitor include $68.50 and $65.50, while notable resistance levels stand at $72.40, $75.00, and $77.75. These technical indicators provide valuable insights for traders and investors navigating the current market conditions of SOL/USD.