Solana

Bitcoin

Momentum

Resistance

Solana is gaining pace above the $35 resistance against the US Dollar. SOL price remains supported and might aim for a fresh rally toward $38. 
<ul> 
 <li>SOL price started a major rally above the $32 resistance against the US Dollar.</li> 
 <li>The price is now trading above $35 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support near $33.30 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair is up nearly 10% and might surge further toward the $38 resistance.</li> 
</ul> 
<h2 id="solana-price-rallies-10">Solana Price Rallies 10%</h2> 
After a decent upward move, Solana settled above the $30 pivot level. SOL gained bullish momentum after it formed a base above the $30 and $32 levels. 
It is now outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hints-correction-33950/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-uptrend-1750/" target="_blank" rel="noopener ">Ethereum</a>. There was a clear move above the $35 resistance zone. A new multi-week high is formed near $36.48 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $32.34 swing low to the $36.48 high. 
SOL is now trading above $35 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $33.30 on the 4-hour chart of the SOL/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-558335" src="https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468" alt="SOL Price (Solana) " width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/Solana-4.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/SOLUSD/" target="_blank" rel="noopener nofollow">SOLUSD on TradingView.com</a> 
On the upside, immediate resistance is near the $36.50 level. The first major resistance is near the $36.80 level. A successful close above the $36.80 resistance could set the pace for a larger increase. The next key resistance is near $38.00. Any more gains might send the price toward the $40.00 level. 
<h2 id="are-dips-limited-in-sol">Are Dips Limited in SOL?</h2> 
If SOL fails to recover above the $36.50 resistance, it could start a downside correction. Initial support on the downside is near the $34.40 level. 
The first major support is near the $33.30 level, the trend line zone, and the 76.4% Fib retracement level of the upward move from the $32.34 swing low to the $36.48 high. If there is a close below the $33.30 support, the price could decline toward the $32.00 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $34.40, and $33.30. 
Major Resistance Levels – $36.50, $36.80, and $38.00.

SOL Price (Solana) Momentum Reignites: Indicators Signal Surge To $38

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