Solana is recovering above the $16 resistance against the US Dollar. SOL price might rise steadily toward the $20 resistance if Bitcoin climbs above $30,800.
- SOL price is showing positive signs above the $16 level against the US Dollar.
- The price is now trading above $15 and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $16.05 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to move up unless there is a close below $14.40.
Solana Price Recovers 10%
In the past few days, Solana’s price started a fresh increase from the $13.00 support zone. Recently, Bitcoin and Ethereum saw a steady increase, sparking positive moves in Solana and Cardano.
The bulls were able to push SOL above the $14.40 resistance zone. There was a close above the $16.00 resistance. However, the price faced resistance near $17.75, and the 50% Fib retracement level of the key decline from the $22.31 swing high to the $13.00 low. SOL is now trading above $15 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $16.05 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $17.75 level. A clear move above the $17.75 resistance might send the price toward the $20 resistance. It is close to the 76.4% Fib retracement level of the key decline from the $22.31 swing high to the $13.00 low.
