Solana (SOL) closed above $40.00 and continued its rise, gaining more than 20%. The price is aiming for a rise above $50.00 while consolidating its gains.
The price of solana is very strongly rising.
We spoke about how crucial the $40.00 resistance zone is in our last SOL price prediction. It was the bulls who succeeded in raising the price above $40,000. After the price had steadied above $40.00, there was a new rise.
Solana’s SOL Price Bullish Despite Profit-Taking; 10% Rally Expected,Solana’s SOL Price Bullish Despite Profit-Taking; 10% Rally Expected
It shattered several barriers and pumped over 20%. It finally tested the resistance level of $48.80 and is now exhibiting strong profit-taking. A few swing swings occurred, but the bulls defended significant losses and drove the price back over $45.00.
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The 50 simple moving average (blue, 4-hour chart) and the $47.50 mark are currently being traded above by the price. Like with Ethereum and Bitcoin, the present price behaviour points to a strong likelihood of further gains.
On the 4-hour chart, a significant bullish trend line is also formed, with support located around $44.50. The trend line of the upward rise from the $38.03 high to the $48.83 high is in close proximity to the 50% Fib retracement level.
Solana is seeing resistance on the upswing close to the $48.80 mark. The $50.00 mark is the first significant obstacle. In the upcoming sessions, a decisive break over the $50.00 resistance level might send the price soaring towards the $55.00 level.
Are Dips Allowed in SOL?
The price of SOL may find support at $44.50, the positive trend line, if there is a slight decline. The initial significant level of support is located around $42.20, which is the 61.8% Fib retracement level of the upward run from the $38.03 high to the $48.83 high.
Currently, the blue, 4-hour 50 simple moving average is likewise in the vicinity of $42.20. In light of this, a negative break and closure below the $42.20 support might, in the near run, alter the trend.
In the scenario described, Solana may drop to $40.00. In the upcoming days, any more losses might pave the way for a move in the direction of $38.00.
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Overall, there are still plenty of optimistic indications for SOL price over $44.50. It appears that the price may shortly surpass $50.00 and reach $55.00. A decline towards the $38.00 level is possible if the bulls are unable to hold the $44.50 support.
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