SOL Price Rallies Over 50% In Few Days But Uptrend Is Far From Over

2023-11-16 05:40:25

Solana rallied above the $60 resistance against the US Dollar. SOL price is up over 50% in a few days and might continue to rise toward the $75 level.

SOL price started a major rally above the $55 resistance against the US Dollar.
The price is now trading above $60 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $55.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could continue to move up if it clears the $68.00 resistance zone.

Solana Price Regains Strength

In the past few days, Solana saw a major rally above the $50 level. SOL gained bullish momentum after it settled above $50, outperforming Bitcoin and Ethereum.

The price is up over 50% in a few days and the bulls are not done yet. The recent move took the price above the $65 level. A high is formed near $67.21 and the price is now consolidating gains. It is showing positive signs above the 23.6% Fib retracement level of the upward move from the $51.23 swing low to the $67.21 high.

SOL is now trading above $60 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $55.00 on the 4-hour chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

On the upside, immediate resistance is near the $67.20 level. The first major resistance is near the $68.00 level. A successful close above the $65.00 resistance could set the pace for a larger increase. The next key resistance is near $70.00. Any more gains might send the price toward the $75.00 level.

Are Dips Supported in SOL?

If SOL fails to recover above the $68.00 resistance, it could start a downside correction. Initial support on the downside is near the $62.50 level.

The first major support is near the $57.75 level or the 61.8% Fib retracement level of the upward move from the $51.23 swing low to the $67.21 high, below which the price could test the trend line. If there is a close below the $55.00 support, the price could decline toward the $50.00 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone.

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

Major Support Levels – $62.50, and $57.75.

Major Resistance Levels – $68.00, $70.00, and $75.00.

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