Solana (SOL) has formed a base this week and has begun to rise steadily above the $14 level. There was a strong rise above the $15 resistance zone, just like Bitcoin and Ethereum

The bulls even managed to push the price of the altcoin above the $16.50 resistance level. It reached a new yearly high of $17.47 and is currently consolidating profits. There was a minor correction below the Fibonacci 23.6% retracement level of the upwave from the $12.70 swing low to the $17.47 high.

Solana is now trading above $16 and the 100 SMA (4 hours). Also on the 4-hour chart of the SOL/USD pair, a key bullish trend line is forming with support near $15.90.

On the other hand, the 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 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 $18 resistance, it could start a downward correction. Initial support on the downside is near the $16.35 level.

The first major support is near the $15 level and the trend line. It sits near the 50% Fibonacci retracement level of the upwave from the swing low at $12.70 to the high at $17.47. The next major support is near the $14.10 level. If there is a break below the $14.10 support, the price could test the next key support at $12.80.

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