Solana

Bitcoin

Resistance

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Solana rallied above the $50 resistance against the US Dollar. SOL price is consolidating gains above $55 and might extend its rally above $65. 
<ul> 
 <li>SOL price started a major rally above the $50 resistance against the US Dollar.</li> 
 <li>The price is now trading above $55 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key contracting triangle forming with support near $51.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could restart its rally if it clears the $60.00 resistance zone.</li> 
</ul> 
<h2 id="solana-price-sets-up-for-75">Solana Price Sets Up For $75</h2> 
In the past few days, Solana saw a major rally above the $40 level. SOL gained bullish momentum and cleared many hurdles near the $50, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-40000/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-bulls-keeps-pushing-2120/" target="_blank" rel="noopener ">Ethereum</a>. 
It even surged above the $55 and $60 levels. A new multi-week high was formed near $63.99 before the price started a minor downside correction. There was a move below the $60 level. The price declined below the 23.6% Fib retracement level of the upward move from the $38.05 swing low to the $63.99 high. 
SOL is now trading above $55 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with support near $51.00 on the 4-hour chart of the SOL/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560341" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468" alt="SOL Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana.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 $60.00 level. The first major resistance is near the $65.00 level. A successful close above the $65.00 resistance could set the pace for a larger increase. The next key resistance is near $70.00. Any more gains might send the price toward the $75.00 level. 
<h2 id="are-dips-limited-in-sol">Are Dips Limited in SOL?</h2> 
If SOL fails to recover above the $60.00 resistance, it could start a downside correction. Initial support on the downside is near the $55.00 level. 
The first major support is near the $51.00 level, the trend line zone, and the 50% Fib retracement level of the upward move from the $38.05 swing low to the $63.99 high. If there is a close below the $51.00 support, the price could decline toward the $45.00 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 – $55.00, and $51.00. 
Major Resistance Levels – $60.00, $65.00, and $75.00.

SOL Price Uptrend To Continue? Can Bulls Send Solana To $75?

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