Why Solana Could Pump 20% as SOL Price Resumes Rallying.
Price of SOL Resuming Rally: Why Solana May Increase by 20%
Like Bitcoin and Ethereum, Solana suffered a decline in value during the last few days, starting around the $77.75 zone. SOL dropped below the support levels of $75 and $70.
Above the $65 support level, though, the bulls were aggressive. The price is currently making a try at another rise after hitting a low of $63.78. The resistance levels of $68 and $70 were crossed. The price has increased by about 10%, and it has crossed above the 50% Fib retracement level of the decline from the swing high of $77.72 to the low of $63.78.
The 100 simple moving average (4 hours) and $68 are now being traded above by SOL. On the SOL/USD pair's 4-hour chart, a significant bullish trend line is also formed, with support located around $65.50.
Immediate resistance on the upside is located close to the $72.40 mark. It is in close proximity to the 61.8% Fib retracement level of the decline from the swing high of $77.72 to the low of $63.78. The $75.00 mark is the first significant obstacle.
Now, the primary resistance is close to $77.75. A successful closure over the resistance level of $77.75 would initiate a significant upswing in price. The next significant barrier is close to $80.00. Should there be any further rises, the price may approach the $85.00 mark.
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