The price of Solana (SOL) has experienced a significant rally, increasing by over 50% in just a few days. The rally was fueled by SOL breaking above the $55 resistance level, trading above $60, and being supported by the 100 simple moving average on the 4-hour chart.
Source: SOLUSD on TradingView.com
Breaking through the $55 resistance level, SOL is now trading above $60 and supported by the 100 simple moving average on the 4-hour chart. A major bullish trend line near $55 provides additional support.
A major bullish trend line forming with support near $55.00 indicates a positive trend for SOL. If the price manages to clear the $68.00 resistance zone, it could continue to rise toward the $75.00 level.
However, if SOL fails to surpass the $68.00 resistance, it may undergo a downside correction, with initial support levels at $62.50 and $57.75.
Source: NEWSBTC
