In relation to the US dollar, Solana is reversing gains from the $25 resistance. The price of SOL is still supported and may try to rise towards $30 once again.
Following its inability to overcome the $25 resistance level vs the US dollar, the price of SOL began a downward retreat.
The 100 simple moving average (4-hour) and $23.00 are now being traded above by the price.
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On the SOL/USD pair’s 4-hour chart, a significant contracting triangle is forming, with resistance located around $23.90 (data source: Kraken).
Analyzing SOL’s Potential: Can Solana Break the 25% Hurdle?,Analyzing SOL’s Potential: Can Solana Break the 25% Hurdle?
If the pair breaks through the resistance levels of $24 and $25, a significant surge may begin.
The Price of Solana Is Still Rising
Solana found it difficult to overcome the $25 resistance zone following a continuous rise. Similar to Bitcoin, SOL just began a downward retracement after reaching a high of $24.82.
A decline was seen between $24.20 and $22.00. The price was driven below the 23.6% Fib retracement level of the upward run from the swing low of $20.94 to the high of $24.82 by the bears. On the SOL/USD pair’s 4-hour chart, a significant contracting triangle is also forming, with resistance located around $23.90.
Immediate resistance on the upswing is located close to the $24.00 mark and the triangular area. The $24.00 mark is the first significant obstacle. The $25.00 region remains the primary point of resistance.
A strong closing over the $25.00 barrier may initiate a more significant rise. Near $28.50 is the next significant resistance. Should there be any more gains, the price may approach $30.00.
Do Dips Have a Limit in SOL?
Should SOL be unable to bounce back over the $24.00 barrier, it may keep declining. The 50% Fib retracement level of the upward rise from the $20.94 swing low to the $24.82 high, or $22.85, is the first area of downside support.
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The $22.40 mark represents the first significant support. The price may drop towards the $21.80 support if the closure is below the $22.40 support. In the given scenario, further declines in the short term might be directed towards the $20.50 support.
Technical Measures
- Four-hour MACD: The SOL/USD MACD is lagging behind in the negative area.
- Four-hour relative strength index (RSI): SOL/USD’s RSI is above the 50-point mark.
- Levels of Major Support: $22.85, $22.40.
- The key levels of resistance are $24.90, $25.00, and $23.90.
Analyzing SOL’s Potential: Can Solana Break the 25% Hurdle?,Analyzing SOL’s Potential: Can Solana Break the 25% Hurdle?,Analyzing SOL’s Potential: Can Solana Break the 25% Hurdle?, Solana Coin Crypto news, SHIB Coin News