SOL Price Analysis: Solana Rally Could Resume Above $60

• Solana price started a fresh increase from the $51.20 zone against the US Dollar.
• The price is now trading above $55.00 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $57.80 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
• The pair must clear $60.00 and $61.20 to continue higher in the near term.

Solana price is trading above $55.00 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $60.00 resistance.

Solana (SOL) Price Analysis

SOL price started a decent upward move from the $51.20 support zone. The price formed a base and was able to climb above the $53.50 and $55.00 levels.

There was a clear move above the 23.6% Fib retracement level of the downward move from the $68.18 swing high to the $51.28 low. Besides, there was a break above a key bearish trend line with resistance near $57.80 on the 4-hour chart of the SOL/USD pair.

The bulls were even able to push the price above the $58.00 resistance zone. However, the bears were active near the $58.80 resistance. SOL is now trading above $55.00 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $60.00 level or the 50% Fib retracement level of the downward move from the $68.18 swing high to the $51.28 low. The next major resistance is near the $61.20 zone. Any more gains might send SOL price towards the $65.00 resistance zone, above which the price could accelerate higher.

The next major resistance sits near the $68.80 level. On the downside, initial support is near the $56.20 level. The next major support is near the $54.00 level.

A downside break below the $54.00 support level might push the price toward the $51.20 support. Any more losses might open the doors for more losses toward $44.80.

Looking at the chart, Solana price is trading above $55.00 and the 55 simple moving average (4 hours). Overall, the price must clear $60.00 and $61.20 to continue higher in the near term.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $56.20 and $54.00.

Key Resistance Levels – $58.80, $60.00, and $61.20.