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

Solana rallied above the $50 resistance in opposition to the US Greenback. SOL worth is consolidating positive aspects above $55 and would possibly prolong its rally above $65.

• SOL worth began a serious rally above the $50 resistance in opposition to the US Greenback.
• The value is now buying and selling above $55 and the 100 easy shifting common (4 hours).
• There’s a key contracting triangle forming with help close to $51.00 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may restart its rally if it clears the $60.00 resistance zone.

Solana Value Units Up For $75

Up to now few days, Solana noticed a serious rally above the $40 degree. SOL gained bullish momentum and cleared many hurdles close to the $50, outperforming Bitcoin and Ethereum.

It even surged above the $55 and $60 ranges. A brand new multi-week excessive was shaped close to $63.99 earlier than the worth began a minor draw back correction. There was a transfer beneath the $60 degree. The value declined beneath the 23.6% Fib retracement degree of the upward transfer from the $38.05 swing low to the $63.99 excessive.

SOL is now buying and selling above $55 and the 100 easy shifting common (4 hours). There may be additionally a key contracting triangle forming with help close to $51.00 on the 4-hour chart of the SOL/USD pair.

Supply: SOLUSD on TradingView.com

On the upside, instant resistance is close to the $60.00 degree. The primary main resistance is close to the $65.00 degree. A profitable shut above the $65.00 resistance may set the tempo for a bigger enhance. The subsequent key resistance is close to $70.00. Any extra positive aspects would possibly ship the worth towards the $75.00 degree.

Are Dips Restricted in SOL?

If SOL fails to recuperate above the $60.00 resistance, it may begin a draw back correction. Preliminary help on the draw back is close to the $55.00 degree.

The primary main help is close to the $51.00 degree, the pattern line zone, and the 50% Fib retracement degree of the upward transfer from the $38.05 swing low to the $63.99 excessive. If there’s a shut beneath the $51.00 help, the worth may decline towards the $45.00 help within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 degree.

Main Help Ranges – $55.00, and $51.00.

Main Resistance Ranges – $60.00, $65.00, and $75.00.