Solana’s price is increasing strongly above $110, indicating bullish momentum. The price of SOL is rising, and it’s possible that the bulls will target a move above the $120 level soon.
SOL’s price began rising again from the $95.00 support against the US Dollar. It’s now above $105 and the 100 simple moving average on the 4-hour chart. A bullish trend line is forming with support at $109.20. If it surpasses resistance levels at $115 and $118, the pair may continue its rally.
Solana Price Surge and Potential Resistance Ahead
Solana’s price has established a base above the $94.00 support zone and has initiated a fresh upward movement. Notably, it has surged by almost 10%, surpassing both the $110 level and outperforming Bitcoin and Ethereum. The bullish momentum led the price to approach $115, reaching a high near $114.98, with no signs of a slowdown in the upward trend.
Currently, the price is maintaining its gains above the 23.6% Fibonacci retracement level of the recent wave from the $103.38 swing low to the $114.98 high. Moreover, Solana is trading above $110 and the 100 simple moving average on the 4-hour chart, indicating continued bullish sentiment.
A key bullish trend line is forming with support at $109.20 on the 4-hour chart of the SOL/USD pair, aligning closely with the 50% Fibonacci retracement level of the recent wave.
Source: SOLUSD on TradingView.com
Looking ahead, immediate resistance lies near the $115 level, with the next major resistance zone near $118. A successful breakthrough above $118 could pave the way for another significant uptick. Further resistance awaits near the $125 level, while continued gains might propel the price towards the $132 mark.
Solana’s Potential Downside and Key Support Levels
If Solana (SOL) fails to break above the $115 resistance level, it might trigger a downside correction. The initial support on the downside is anticipated near the $112.20 level.
Further down, the first major support zone lies around the $109.20 level, aligned with the established trend line. A breach below this level could lead the price to test the $105 support. Should the price close below $105, it could potentially decline towards the $100 support in the short term.
Technical Indicators: In terms of technical indicators, the 4-hour Moving Average Convergence Divergence (MACD) for SOL/USD is gaining momentum in the bullish zone. Additionally, the 4-hour Relative Strength Index (RSI) for SOL/USD is above the 50 level, suggesting a bullish sentiment.
Key Support and Resistance Levels: Major support levels to watch for include $102.20 and $109.20, while significant resistance levels stand at $115, $118, and $125.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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