The price of Solana (SOL) has experienced a significant increase of 8%. Technical indicators suggest that SOL may break above the $80 level soon.
After undergoing a correction, SOL found support at $67.50 and has initiated a fresh rally. It surpassed the $72 and $74 levels, as well as the 100 simple moving average on the 4-hour chart.
A bullish trend line is forming with support near $70. The immediate resistance is at $76.50, followed by the key resistance levels at $80 and $82. A successful close above $82 could lead to a major rally, with the next resistance around $88.
However, if SOL fails to break above $80, it may experience a decline. The initial support levels are $72 and $70, with the possibility of testing $67.50.
The MACD indicator is showing bullish momentum, and the RSI is above 50, indicating strength in the SOL/USD pair. The major support levels are $72 and $70, while the major resistance levels are $76.50, $80, and $88.
Source: NEWSBTC
