SOL Price Soars 8%, Solana Indicators Suggest Breakout Above $80

Solana stayed above the $67.50 support and started a fresh increase. SOL price is gaining pace and might soon attempt a move above $80.

• SOL price started a fresh rally above the $72 resistance against the US Dollar.
• The price is now trading above $74 and the 100 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
• The pair is up nearly 8% and might rally further above the $80 resistance zone.

Solana Price Resumes Increase

In the past few days, Solana saw a downside correction from the $80.00 zone, like Bitcoin and Ethereum. SOL declined below the $77.50 and $75.00 support levels.

However, the bulls were active above the $67.50 support. A low was formed near $67.25, and the price is now attempting a fresh increase. There was a move above the $70 and $72 resistance levels. The price is up nearly 8% and there was a move above the 50% Fib retracement level of the downward move from the $79.45 swing high to the $67.25 low.

SOL is now trading above $74 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair.

On the upside, immediate resistance is near the $76.50 level. It is near the 76.4% key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair. The first major resistance is near the $80.00 level.

Source: SOLUSD on TradingView.com

The main resistance is now near $82.0. A successful close above the $82.0 resistance could set the pace for another major rally. The next key resistance is near $88.00. Any more gains might send the price toward the $92.00 level.

Another Decline in SOL?

If SOL fails to rally above the $80.00 resistance, it could start a fresh decline. Initial support on the downside is near the $72.00 level.

The first major support is near the $70.00 level or the trend line, below which the price could test $67.50. If there is a close below the $67.50 support, the price could decline toward the $65.00 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 – $72.00, and $70.00.

Major Resistance Levels – $76.50, $80.00, and $88.00.

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