Solana Bulls Aim $20 or Higher

Solana is recovering above the $16 resistance towards the US Greenback. SOL worth may rise steadily towards the $20 resistance if Bitcoin climbs above $30,800.

• SOL worth is displaying constructive indicators above the $16 degree towards the US Greenback.
• The worth is now buying and selling above $15 and the 100 easy transferring common (4 hours).
• There’s a main bullish pattern line forming with assist close to $16.05 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair might proceed to maneuver up except there’s a shut under $14.40.

Solana Worth Recovers 10%

Prior to now few days, Solana’s worth began a recent improve from the $13.00 assist zone. Not too long ago, Bitcoin and Ethereum noticed a gradual improve, sparking constructive strikes in Solana and Cardano.

The bulls have been in a position to push SOL above the $14.40 resistance zone. There was an in depth above the $16.00 resistance. Nonetheless, the worth confronted resistance close to $17.75, and the 50% Fib retracement degree of the important thing decline from the $22.31 swing excessive to the $13.00 low.

SOL is now buying and selling above $15 and the 100 easy transferring common (4 hours). There may be additionally a significant bullish pattern line forming with assist close to $16.05 on the 4-hour chart of the SOL/USD pair.

On the upside, instant resistance is close to the $17.75 degree. A transparent transfer above the $17.75 resistance may ship the worth towards the $20 resistance. It’s near the 76.4% Fib retracement degree of the important thing decline from the $22.31 swing excessive to the $13.00 low.

Supply: SOLUSD on TradingView.com

An in depth above the $20 degree might resend the worth towards the $21.20 resistance zone. Any extra positive aspects may ship the worth towards the $22.40 degree.

Contemporary Decline in SOL?

If SOL fails to clear the $17.75 resistance, it might begin a recent decline. Preliminary assist on the draw back is close to the $16.00 degree and the pattern line.

The primary main assist is close to the $14.40 degree, under which the bears may achieve energy. Within the acknowledged case, the worth might maybe decline towards the $13.00 assist. The following main assist is close to the $12.20 degree.

Technical Indicators

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

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

Main Help Ranges – $16.00, and $14.40.

Main Resistance Ranges – $17.75, $20.00, and $21.20.