• Solana rallied over 20% and surpassed $15 against the US Dollar.
• There was a break above a major bearish trend line with resistance near $10.20 on the 4-hours chart of the SOL/USD pair.
• The price is now trading above $15 and the 100 simple moving average (4-hours).
Recently, the price of Solana (SOL) surged significantly against the US Dollar, surpassing the $15 mark. This impressive rally was the result of a break in a major bearish trend line which had been in place on the 4-hours chart of the SOL/USD pair.
The SOL/USD pair had been trading in a bearish zone for some time, with the price falling below $12.50 and $10 support levels. This bearish pressure dragged the price down to as low as $7.96, from which it started a fresh increase.
First, the price broke above the $10 and $12 resistance levels and then a major bearish trend line with resistance near $10.20 on the 4-hours chart of the SOL/USD pair. This break opened the doors for more gains and the price moved above the 23.6% Fib retracement level of the upward move from the $12.87 swing low to $16.77 high.
The price is now trading above $15 and the 100 simple moving average (4-hours). This is a very positive sign and could be the beginning of more gains in the near future. Above the current levels, an immediate resistance is near the $16.80 level. The first major resistance is near the $17 level. If the price breaks above this resistance, it could rise towards the next major resistance at $18.
On the downside, the price must stay above the $14.50 and $14.10 support levels to continue higher. If the price fails to stay above these levels, it could decline back towards the $12.50 and $10 support levels.