Solana is gaining bullish momentum above $108. SOL price is showing positive signs and it might even surpass the $118 resistance in the near term.
- SOL price started a fresh increase from the $98.50 support against the US Dollar.
- The price is now above $108 and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could rise further if it clears the $115 and $118 resistance levels.
Solana price starts rising again
Solana price formed a base above the $98.50 support zone and recently started a fresh increase. There was a decent rise above the $102 and $105 levels.
The price has increased by almost 10% and there was a move above the $108 level, like Bitcoin and Ethereum. There was a break above a key bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair. The bulls pushed the price above the 50% Fib retracement level of the downward move from the high at $118.70 to the low at $98.54.
Solana is now trading above $110 and the 100 simple moving average (4-hours). The immediate resistance is near the $111 level. The next major resistance is near the $114 level, or the 76.4% Fib retracement level of the downward move from the $118.70 swing high to $98.54 low.
Source: SOLUSD on TradingView.com
A successful close above the resistance at $114 could lay the foundation for another significant increase. The next key resistance is at $118. Further gains could push the price towards the $125 level.
Are dips limited in SOL?
If SOL fails to rise above the $114 resistance, a downward correction could occur. The first support on the downside is near the $108.50 level or the 100 simple moving average (4-hours).
The first major support is near the $105.00 level, below which the price could test $98.50. If the close is below the $98.50 support, the price could decline towards the $92 support in the short term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key Support Levels – $108.50 and $105.00.
Major resistance levels – $114, $118 and $125.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC's opinion on whether investments should be bought, sold or held, and investments obviously involve risks. We recommend that you do your own research before making any investment decisions. Use of the information provided on this website is entirely at your own risk.
