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Thursday, February 2, 2023
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    HomeMarketSOL Could Extend Rally Above $18

    SOL Could Extend Rally Above $18

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    Solana is displaying bullish indicators above $15 towards the US Greenback. SOL worth might lengthen its rally above the $18 and $20 resistance ranges.

    • Sol worth began a recent improve above the $15 and $16 ranges towards the US Greenback.
    • The worth is now buying and selling above $16 and the 100 easy transferring common (4-hours).
    • There’s a key bullish development line forming with help close to $15.90 on the 4-hours chart of the SOL/USD pair (knowledge supply from Kraken).
    • The pair might rise additional if it stays above the $15.00 and $12.80 help ranges.

    Solana Worth Eyes Extra Beneficial properties

    This week, solana worth shaped a base and began a gradual improve above the $14 degree. There was a powerful improve above the $15 resistance zone, much like bitcoin and ethereum.

    The bulls even managed to pump the value above the $16.50 resistance. It traded to a brand new yearly excessive at $17.47 and is at present consolidating beneficial properties. There was a minor correction beneath the 23.6% Fib retracement degree of the upward wave from the $12.70 swing low to $17.47 excessive.

    Sol worth is now buying and selling above $16 and the 100 easy transferring common (4-hours). There’s additionally a key bullish development line forming with help close to $15.90 on the 4-hours chart of the SOL/USD pair.

    Solana Price Eyes More Gains

    Supply: SOLUSD on TradingView.com

    On the upside, an instantaneous resistance is close to the $17.50 degree. The primary main resistance is close to the $18 degree. The following main resistance is close to the $18.80 zone, above which the value would possibly rise in direction of the $20 barrier. Any extra beneficial properties would possibly ship the value in direction of the $25 degree.

    Dips Enticing in SOL?

    If SOL fails to clear the $18 resistance, it might begin a draw back correction. An preliminary help on the draw back is close to the $16.35 degree.

    The primary main help is close to the $15.00 degree and the development line. It’s close to the 50% Fib retracement degree of the upward wave from the $12.70 swing low to $17.47 excessive. The following main help is close to the $14.10 degree. If there’s a draw back break beneath the $14.10 help, the value would possibly take a look at the subsequent key help at $12.80.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

    4-Hours RSI (Relative Power Index) – The RSI for SOL/USD is above the 50 degree.

    Main Assist Ranges – $16.30, $15.00 and $14.10.

    Main Resistance Ranges – $17.40, $18 and $20.



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