+50% per week. Solana (SOL) gaining bullish momentum
Last month, Solana (SOL) fell heavily from the $15 resistance zone. There was a drop below the $12.50 and $10 support levels to move back into the bearish zone. But now the situation with the altcoin has changed dramatically
Solana traded at $7.96 and recently started a new uptrend. There was a strong movement above the resistance levels in the $10 and $12 area. In addition, the 4-hour chart of the SOL/USD pair broke above the main bearish trend line with resistance around $10.20.
SOL is now trading above $15 and 100 SMA (4 hours). The rate has risen by more than 20% and shows positive signs, like Bitcoin and Ethereum.
The SOL is trading above the 23.6% Fibonacci retracement level of the up move from the swing low at $12.87 to the high at $16.77. On the other hand, the immediate resistance is near the $16.80 level. The first major resistance is near the $17 level. The next major resistance is near the $18 zone, above which the rate could rise to the $20 barrier. Any further rise could send the rate to the $25 level.
If the SOL fails to overcome the resistance at $16.80, it could start a downward correction. Initial support on the downside is near the $15.80 level.
The first major support is near the $14.75 level. It is near the 50% Fibonacci retracement level of the up move from the swing low at $12.87 to the high at $16.77. The next major support is near the $14.10 level. If there is a break below the $14.10 support, the bears could even push the rate below $13.50.
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