Solana is gaining bullish momentum above $110. SOL price is surging, and the bulls could soon aim for a move above the $120 level.
- SOL price started a fresh increase from the $95.00 support against the US Dollar.
- The price is now trading above $105 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $109.20 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rally if it clears the $115 and $118 resistance levels.
Solana Price Starts Fresh Rally
Solana price formed a base above the $94.00 support zone and recently started a fresh increase. There was a decent increase above the $98 and $100 levels.
The price is up nearly 10% and there was a move above the $110 level, outperforming Bitcoin and Ethereum. The bulls pushed the price close to $115. A high is formed near $114.98 and the price is showing no signs of upside exhaustion.
It is holding gains above the 23.6% Fib retracement level of the recent wave from the $103.38 swing low to the $114.98 high. Solana is now trading above $110 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support at $109.20 on the 4-hour chart of the SOL/USD pair. The trend line is near the 50% Fib retracement level of the recent wave from the $103.38 swing low to the $114.98 high.
Source: SOLUSD on TradingView.com
Immediate resistance is near the $115 level. The next major resistance is near the $118 level. A successful close above the $118 resistance could set the pace for another major increase. The next key resistance is near $125. Any more gains might send the price toward the $132 level.
Are Dips Supported in SOL?
If SOL fails to rally above the $115 resistance, it could start a downside correction. Initial support on the downside is near the $112.20 level.
The first major support is near the $109.20 level and the trend line, below which the price could test $105. If there is a close below the $105 support, the price could decline toward the $100 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 – $102.20, and $109.20.
Major Resistance Levels – $115, $118, and $125.
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.
Credit: Source link
