- 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.
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.
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