SOL Price Rally Far From Over: Analysis Shows Further Gains Ahead
• Solana (SOL) price started a decent increase above the $23.80 resistance against the US Dollar.
• There is a key rising channel forming with resistance near $26.20 on the 4-hour chart of the SOL/USD pair.
• The pair must stay above the $24.00 and $23.80 support levels to start another increase.
Solana (SOL) Price Analysis
Solana price is trading in a positive zone above $24 against the US Dollar, similar to Bitcoin. The bulls were active near the $22 zone and created a base for Solana to start a decent increase above the $22.50 level and beyond. There is a key rising channel forming with resistance near $26.20 on its 4-hour chart, indicating that more gains are possible in the near term if it stays above crucial supports at $24 and $23.80 respectively.
Upside Resistance Levels
On the upside, immediate resistance for Solana lies at around $25.50 level, followed by another major resistance at around the $26 mark. If it breaks past this level, then it could accelerate higher towards its next major target of around $27.50 before possibly continuing up towards its all-time high of around 28$.
Downside Support Levels
Solana needs to stay supported at current levels in order for further gains to be possible as any downside break below critical supports like those at 24$ and 23$ could cause it to dip back down towards other important support areas like 22$ or even 21$.
The MACD indicator is currently losing momentum in its bullish zone which suggests that there may be some bearish pressure coming into play soon if these levels fail to hold steady in support of Solana’s price action going forward..
In conclusion, Solana needs to remain well supported at current levels in order for further increases to take place as any downside break below critical supports like those mentioned earlier could lead it back down towards other important support areas like 22$ or even 21$. On top of that, indicators such as MACD are also suggesting some potential bearish pressure coming into play soon if these levels don’t hold steady which may put some downward pressure on SOL’s price action going forward