• Solana (SOL) price started a decent increase above the $23.80 resistance against the US Dollar.
• There is a key rising channel forming with resistance near $26.20 on the 4-hour chart of the SOL/USD pair.
• The pair must stay above the $24.00 and $23.80 support levels to start another increase.
Solana (SOL) Price Analysis
Solana price is trading in a positive zone above $24 against the US Dollar, similar to Bitcoin. The bulls were active near the $22 zone and this pushed the price above the $23.80 level and even beyond the $25 level before there was a minor correction lower recently. To start another increase, SOL needs to stay above both the $24 and $23.80 levels of support.
The 4-hour MACD is currently losing momentum in its bullish zone while the 4-hour RSI is well above 50 levels but showing signs of bearish divergence from its recent highs of 78%. On both sides of current trading prices, immediate support lies at $24 and resistance at around $25.50; if broken, further resistance sits at around $26 with more major resistance at around 28$.
Rally Seems Far From Over
Looking at the chart, Solana price is clearly trading above both its key supports ($24 and $23). If bulls can hold these points then they will have an opportunity to push SOL towards new highs past its current one near 26$. First though it needs to break through initial resistance at 25$ which would open up further upside potential for traders as they look to capitalize on this latest rally in Solana prices over recent weeks.
Support & Resistance Levels
Immediate support for SOL is found near 24$ while immediate resistance lies nearby 25.50$. Further major resistances are situated at 26$ followed by 28$. Similarly, if bears push lower from current prices then majors supports are found 23$, 22$ and 20$. Traders should keep an eye out for any decisive breakouts or breakdowns through these levels as that could be key signals for where Solanas’s market sentiment may be heading next in terms of directionality in prices over coming days or weeks ahead .
Overall, Solana’s market sentiment looks very optimistic as bulls strive to push higher after recent gains despite some bearish pullbacks seen earlier today – with technical indicators also suggesting that further upside could be possible provided that certain key support & resistances are held or broken respectively soon..