Solana

Bitcoin

Resistance

Solana rallied above the $60 resistance against the US Dollar. SOL price is up over 50% in a few days and might continue to rise toward the $75 level. 
<ul> 
 <li>SOL price started a major rally above the $55 resistance against the US Dollar.</li> 
 <li>The price is now trading above $60 and the 100 simple moving average (4 hours).</li> 
 <li>There is a major bullish trend line forming with support near $55.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to move up if it clears the $68.00 resistance zone.</li> 
</ul> 
<h2 id="solana-price-regains-strength">Solana Price Regains Strength</h2> 
In the past few days, Solana saw a major rally above the $50 level. SOL gained bullish momentum after it settled above $50, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-38k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-bullish-momentum-2200/" target="_blank" rel="noopener ">Ethereum</a>. 
The price is up over 50% in a few days and the bulls are not done yet. The recent move took the price above the $65 level. A high is formed near $67.21 and the price is now consolidating gains. It is showing positive signs above the 23.6% Fib retracement level of the upward move from the $51.23 swing low to the $67.21 high. 
SOL is now trading above $60 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $55.00 on the 4-hour chart of the SOL/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-560925" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468" alt="Solana Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Solana-1.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 $67.20 level. The first major resistance is near the $68.00 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-supported-in-sol">Are Dips Supported in SOL?</h2> 
If SOL fails to recover above the $68.00 resistance, it could start a downside correction. Initial support on the downside is near the $62.50 level. 
The first major support is near the $57.75 level or the 61.8% Fib retracement level of the upward move from the $51.23 swing low to the $67.21 high, below which the price could test the trend line. If there is a close below the $55.00 support, the price could decline toward the $50.00 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $62.50, and $57.75. 
Major Resistance Levels – $68.00, $70.00, and $75.00.

SOL Price Rallies Over 50% In Few Days But Uptrend Is Far From Over

Table of Contents

NewsBTC

Other articles published on Nov 16, 2023

KSN Token: Cultivating a Greener Future with Kissan Token

Origin Protocol presents at Caracas Blockchain Week, showcases advancements in blockchain

Google DeepMind and YouTube Collaborate on Music AI Tool Amidst Crackdown

Nocturne Launches on Mainnet to Bring Private Accounts to Ethereum

Manny Pacquiao Foundation Taps Shiba Inu Community for Crypto Fundraising

Bitget lists Neutron (NTRN) in the Innovation Zone and Cosmos Ecosystem Zone

Join our free newsletter for daily crypto updates!