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SOL Price Analysis: Solana’s Bullish Momentum Eyes $22 Resistance

08.07.2023
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The price of SOL, the cryptocurrency powering the Solana blockchain, has shown promising signs above $19.50 against the US Dollar. With SOL currently trading above $20 and the 100 simple moving average, a major bullish trend line is forming, indicating the potential for further upward movement.

The price of SOL, the native cryptocurrency of the Solana blockchain, is displaying positive indicators above the $19.50 mark against the US Dollar. Currently trading above $20 and the 100 simple moving average on the 4-hour chart, SOL/USD shows a major bullish trend line forming with support near $19.70, as observed from data provided by Kraken.

In recent days, Solana’s price initiated a fresh surge from the $15.65 support zone, following the footsteps of Bitcoin and Ethereum. The bulls gained strength, propelling SOL above the $18 resistance level. The price surpassed $20, reaching a high near $20.95, before entering a consolidation phase. During this phase, the price was tested against the 23.6% Fibonacci retracement level, calculated from the upward movement between the $15.64 swing low and the $20.95 high.

SOL maintains its position above $20 and the 100 simple moving average on the 4-hour chart. Furthermore, a significant bullish trend line is forming with support close to $19.70, reinforcing the positive sentiment for SOL/USD traders.

Looking ahead, immediate resistance is anticipated near the $20.50 level, followed by a more significant obstacle near $21. A successful breach above the $21 resistance could propel the price toward the $22 resistance, opening up the potential for further gains. However, failure to clear the $20.50 resistance might trigger a downward correction. Initial support on the downside can be found near $19.70, aligned with the trend line.

If a close below the $18.40 support level occurs, SOL may experience a sharp decline. This level represents the 50% Fibonacci retracement level of the upward movement from the $15.64 swing low to the $20.95 high. The price could drop toward the $16.80 support in such a scenario. The subsequent major support level lies near $15.65.

Technical indicators also support a bullish outlook. The 4-hour MACD for SOL/USD is gaining momentum within the bullish zone, while the 4-hour RSI (Relative Strength Index) remains above the 50 level, further strengthening the positive sentiment.

With SOL’s price trading above key levels and displaying a bullish trend line, the cryptocurrency can potentially target the $22 resistance level, bolstered by favorable technical indicators.

The post SOL Price Analysis: Solana’s Bullish Momentum Eyes $22 Resistance appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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