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Solana is gaining bullish momentum above $100. SOL price is signaling a fresh increase and might rally further toward the $112 level.
- SOL price started a fresh increase from the $93.20 support against the US Dollar.
- The price is now trading above $98 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance at $96 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rally if it clears the $102.50 and $105.00 resistance levels.
Solana Price Regains Bullish Momentum
Solana price formed a base above the $93.20 support zone and recently started a fresh increase. There was a decent increase above the $96 and $98 levels.
The price is up over 7% and there was a move above the $100 level, outperforming Bitcoin and Ethereum. During the increase, the price cleared the 76.4% Fib retracement level of the downward move from the $102.46 swing high to the $93.17 low.
Besides, there was a break above a major bearish trend line with resistance at $96 on the 4-hour chart of the SOL/USD pair. Solana is now trading above $98 and the 100 simple moving average (4 hours).
Source: SOLUSD on TradingView.com
Immediate resistance is near the $102.50 level. The next major resistance is near the $105 level. A successful close above the $105 resistance could set the pace for another major increase. The next key resistance is near $112. Any more gains might send the price toward the $120 level.
Are Dips Supported in SOL?
If SOL fails to rally above the $105 resistance, it could start a downside correction. Initial support on the downside is near the $98 level.
The first major support is near the $96 level and the 100 simple moving average (4 hours), below which the price could test $93.20. If there is a close below the $93.20 support, the price could decline toward the $85 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $96, and $93.20.
Major Resistance Levels – $102.50, $105, and $112.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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