**Solana Price Surges Over 50% and Eyes $75 Level**
SOL has experienced a significant rally, soaring beyond the $60 resistance level against the US Dollar. The price surge of over 50% in just a few days has positioned SOL to potentially continue its upward trajectory towards the $75 mark.
**Bullish Momentum and Key Levels**
The price of SOL initiated a major rally, breaking through the $55 resistance level and currently trading above $60, along with the 100 simple moving average over a 4-hour period. Additionally, a major bullish trend line is forming with support near $55.00 on the 4-hour chart of the SOL/USD pair sourced from Kraken. As the pair aims to clear the $68.00 resistance zone, there is potential for further upward movement.
**Dominance Over Bitcoin and Ethereum**
Solana’s bullish momentum intensified after surpassing the $50 level, outpacing both Bitcoin and Ethereum in the recent surge. The price increase of over 50% in just a few days has propelled SOL to exceed the $65 level, with a high of $67.21. The current consolidation of gains indicates positive signs, supported by the 23.6% Fib retracement level.
**Visual Representation**
For a visualization of SOL’s performance, refer to the SOLUSD chart on TradingView.com.
**Potential Downtrends and Support**
While SOL could experience a downside correction if it fails to recover above the $68.00 resistance, initial support is expected near the $62.50 level. Further support lies at the $57.75 level or the 61.8% Fib retracement level, with the possibility of testing the trend line. A close below the $55.00 support may result in a decline towards the $50.00 support in the near term.
**Technical Analysis**
In terms of technical indicators, the 4-hour MACD for SOL/USD is exhibiting a loss of pace in the bullish zone, while the RSI is above the 50 level.
**Conclusion**
The current resistance levels to observe are at $68.00, $70.00, and $75.00, with major support levels at $62.50 and $57.75. As SOL’s price surge continues, the possibility of reaching the $75.00 level remains a plausible outcome.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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