Solana Price Prediction: SOL Could Extend Rally Above $18

Aayush Jindal

Last Updated: June 11, 2024 1:16 pm

2 mins read

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Solana is showing bullish signs above $15 against the US Dollar. SOL price could extend its rally above the $18 and $20 resistance levels.

Sol price started a fresh increase above the $15 and $16 levels against the US Dollar.
The price is now trading above $16 and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support near $15.90 on the 4-hours chart of the SOL/USD pair (data source from Kraken).
The pair could rise further if it stays above the $15.00 and $12.80 support levels.

Solana Price Eyes More Gains

This week, solana price formed a base and started a steady increase above the $14 level. There was a strong increase above the $15 resistance zone, similar to bitcoin and ethereum.

The bulls even managed to pump the price above the $16.50 resistance. It traded to a new yearly high at $17.47 and is currently consolidating gains. There was a minor correction below the 23.6% Fib retracement level of the upward wave from the $12.70 swing low to $17.47 high.

Sol price is now trading above $16 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $15.90 on the 4-hours chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

On the upside, an immediate resistance is near the $17.50 level. The first major resistance is near the $18 level. The next major resistance is near the $18.80 zone, above which the price might rise towards the $20 barrier. Any more gains might send the price towards the $25 level.

Dips Attractive in SOL?

If SOL fails to clear the $18 resistance, it could start a downside correction. An initial support on the downside is near the $16.35 level.

The first major support is near the $15.00 level and the trend line. It is near the 50% Fib retracement level of the upward wave from the $12.70 swing low to $17.47 high. The next major support is near the $14.10 level. If there is a downside break below the $14.10 support, the price might test the next key support at $12.80.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $16.30, $15.00 and $14.10.

Major Resistance Levels – $17.40, $18 and $20.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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