This week, the Solana formed a base and began to rise steadily above the $20 level. There was a strong rise above the $22 resistance zone, which could develop into a rally to $30

The bulls even managed to push the SOL above the $25 resistance. The altcoin traded to a new yearly high of $26.54 before a slight downward correction occurred. There was a decline below $24. The price fell below the 50% upwave Fibonacci retracement level from the $20.20 swing low to the $26.54 high.

The SOL is now trading above $22 and the 100 SMA (4 hours). On the 4-hour chart of the SOL/USD pair, a major bullish trend line is also forming with support near $23.05.

The pair is currently trading comfortably above the 61.8% Fibonacci retracement level of the upwave from the $20.20 swing low to the $26.54 high. The Solana price is currently rising and up over 8%. On the other hand, the immediate resistance is near the $25 level.

The first major resistance is near the $26.50 level. The next major resistance is near the $28 zone, above which the rate could rise to the $30 barrier. Any additional profit could send the SOL to the $35 level.

If the SOL fails to overcome the $26.50 resistance, it could start a downward correction. Initial support on the downside is near the $24 level.

The first major support is near the $23 level and the trend line. The next major support is near the $21.70 level. If there is a break below the $21.70 support, Solana could test the next key support at $20.

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