SOL Price Resumes Rally, Here’s Why Solana Could Pump 20%

2023-12-14 06:06:12

Solana stayed above the $65 support and started a fresh increase. SOL price is likely setting up for more gains above the $75 and $80 resistance levels.

SOL price started a fresh rally above the $68 resistance before the bears appeared against the US Dollar.
The price is now trading above $68 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $65.50 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair is up nearly 10% and might rally further above the $75 resistance zone.

Solana Price Signals Rally

In the past few days, Solana saw a downside correction from the $77.75 zone, like Bitcoin and Ethereum. SOL declined below the $75 and $70 support levels.

However, the bulls were active above the $65 support. A low was formed near $63.78 and the price is now attempting a fresh increase. There was a move above the $68 and $70 resistance levels. The price is up nearly 10% and there was a move above the 50% Fib retracement level of the downward move from the $77.72 swing high to the $63.78 low.

SOL is now trading above $68 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $65.50 on the 4-hour chart of the SOL/USD pair.

On the upside, immediate resistance is near the $72.40 level. It is near the 61.8% Fib retracement level of the downward move from the $77.72 swing high to the $63.78 low. The first major resistance is near the $75.00 level.

Source: SOLUSD on TradingView.com

The main resistance is now near $77.75. A successful close above the $77.75 resistance could set the pace for another major rally. The next key resistance is near $80.00. Any more gains might send the price toward the $85.00 level.

Another Decline in SOL?

If SOL fails to rally above the $75.00 resistance, it could start a fresh decline. Initial support on the downside is near the $68.50 level.

The first major support is near the $65.50 level or the trend line, below which the price could test $63.50. If there is a close below the $63.50 support, the price could decline toward the $56.00 support in the near term.

Technical Indicators

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

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

Major Support Levels – $68.50, and $65.50.

Major Resistance Levels – $72.40, $75.00, and $77.75.

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