SOL Price Soars: More Gains Ahead Above $24?

• Solana (SOL) price started a decent increase above the $21.50 resistance against the US Dollar.
• The pair must clear $24.00 and $25.00 to continue higher in the near term.
• There is a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair.

Solana (SOL) Price Analysis

Solana price is trading above $22 against the US Dollar, similar to bitcoin. The bulls were active near the $19.20 zone and formed a base from which solana price started a decent increase above the $21.20 level and beyond. Moreover, there is a major bullish trend line forming with support near $22.30 on the 4-hours chart of the SOL/USD pair, indicating further gains in price are likely if it clears resistances at $24 and $25 levels respectively.

Immediate Resistance Levels

An immediate resistance is near the $23.20 level for solana price while further gains might send it towards key resistances at levels of $24 and 25 respectively before accelerating higher to test its next major resistance at around 26$80 mark .

Key Support Levels

On the downside, an initial support is near the 22$30 level for solana price while any more losses might call for a test of 20$00 mark . In addition, there’s also a major bullish trend line forming with support near 22$30 on 4-hours chart of SOL/USD pair which will provide additional stability if tested in future .

Indicators Analysis

4 hours MACD indicates that momentum is slowly decreasing in bull zone while 4 hours RSI stands well above 50 level which suggest an uptrend in progress .

Conclusion

Overall, solana price needs to clear resistances at 24$00 and 25$00 levels respectively to continue higher in coming days while nearby supports are available 22$30 and 21$40 marks respectively should it decline lower anytime soon .