In a striking advance, Solana has successfully shattered the $60 resistance level against the US Dollar, marking a significant upward trajectory for the cryptocurrency. Over the past several days, SOL’s price soared by more than 50%, igniting speculation about a potential climb toward the illustrious $75 benchmark.
The surge in value began as SOL price confidently crossed the $55 resistance mark, signaling a substantial shift in market sentiment. Presently, Solana trades robustly north of $60, significantly bolstered by the 100 simple moving average on the 4-hour timescale.
Key technical formations seem to underpin this bullish trend, particularly a notable trend line providing support in the vicinity of $55.00, as observed on the 4-hour chart for the SOL/USD pairing. Should Solana navigate past the immediate resistance near $68.00, there is potential for the continuation of this upward maneuver.
Solana’s resurgence in market strength breaks recent trends, especially noteworthy when contrasted with more modest performances from Bitcoin and Ethereum. After establishing a foundation above $50, SOL’s momentum propelled it past the $65 threshold, scripting a local peak around $67.21. While recently consolidating these gains, the cryptocurrency exhibits promising indications above the 23.6% Fibonacci retracement level linked to the recent soar from the $51.23 swing low up to the $67.21 zenith.
Amid these developments, a persistent trade above the $60 benchmark and the 100 simple moving average strengthens SOL’s position. The bullish trend line serves as a testament to the underlying support fortifying this ascent.
The price faces immediate resistance at $67.20, with a more significant barrier at $68.00. A decisive close above these levels could act as a harbinger for a grander ascent, where $70.00 emerges as the next critical resistance, and beyond that, a trajectory toward $75.00 looms on the horizon.
However, should SOL price falter at the $68.00 resistance, it may experience a corrective dip. Immediate support can be found at $62.50, followed by a substantial cushion at $57.75, which coincides with the 61.8% Fibonacci retracement level of its recent upswing. A breach below this could engage the trend line support, with a further decline potentially targeting the $50.00 support in short order.
Analyzing the technical indicators, the 4-hour MACD seems to decelerate within the bullish domain. Meanwhile, the Relative Strength Index maintains a stance above 50, suggestive of sustained buying interest at this juncture.
Key support levels to monitor include $62.50 and $57.75, with pivotal resistance situated at $68.00, followed by $70.00 and the aspirational $75.00 mark.
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