Solana (SOL) Price Rally Continues to Rage on as Bulls Eye $35 Target

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.

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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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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.