- Solana (SOL) aims to reach $35 as it surges past $30 resistance.
- Bullish momentum driven by Bitcoin’s rally; forming key triangle pattern.
- Strong support at $30.50, resistance near $32.75, with potential to reach $35.
The Solana cryptocurrency continues to show remarkable strength as it surges above the $30 resistance level against the US Dollar. Solana (SOL) price has not only maintained its support but now eyes a fresh rally targeting the $35 mark.
Read CRYPTONEWSLAND on
google news
In detail, SOL price initiated a substantial rally that broke through the $28 resistance against the US Dollar, marking a significant turning point. As of now, SOL is trading above $29.20 and has found strong support from the 100 simple moving average on the 4-hour chart.
The chart indicates the formation of a crucial contracting triangle, with a resistance level around $32.10 for the SOL/USD pair. To sustain this bullish momentum, Solana must successfully breach the $32.10 and $32.75 resistance levels.
Solana’s current rally was kick-started when Bitcoin surged past the $30,000 resistance, influencing the entire crypto market. SOL confidently navigated above $28.80 and the $30.00 resistance levels, even spiking above $32.50. It recorded a high point near $32.79 and is currently consolidating these impressive gains.
Solana’s price chart also reveals promising signs, with the crypto trading above $29.20 and the 100 simple moving average on the 4-hour chart. This upward trend is further reinforced by its positive performance above the 23.6% Fibonacci retracement level, calculated from the swing low of $23.13 to the high of $32.79.
The immediate resistance lies around $32.00, closely followed by the triangular region. The primary resistance to watch for is near $32.75, which could pave the way for a more substantial increase. If this bullish momentum persists, the next significant resistance level is at $35.00, with the potential to push the price even further towards $36.50.
However, should Solana fail to surpass the $32.00 resistance, it may experience a correction. Initial support can be expected around $30.50, while more substantial support is at the $28.00 level, equivalent to the 50% Fibonacci retracement from the swing low of $23.13 to the high of $32.79. If the price drops below this critical support level, it might head toward the $26.80 support in the near future.
In terms of technical indicators, the 4-hour Moving Average Convergence Divergence (MACD) for SOL/USD signals bullish momentum, and the Relative Strength Index (RSI) stands above the 50 level.
Read Also
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
