Solana has been experiencing a surge in bullish momentum, surpassing the $108 mark and showing positive signs of further growth. The price of SOL began its upward trajectory from the support level of $98.50 against the US Dollar. As of now, the price is comfortably trading above $108 and the 100 simple moving average over a 4-hour period. This positive trend can be attributed to a significant break above a major bearish trend line, with resistance standing at $108.80 on the 4-hour chart of the SOL/USD pair sourced from Kraken. If this momentum continues, there is a possibility for Solana to surpass the $115 and $118 resistance levels in the near future.
Solana’s price managed to establish a strong base above the support zone of $98.50 before initiating a fresh increase. The price witnessed a steady climb above key levels at $102 and $105, resulting in an impressive 10% uptick. Following this surge, the price soared past $108, an achievement mirrored by leading cryptocurrencies like Bitcoin and Ethereum. Bullish momentum was further bolstered by breaking above the aforementioned bearish trend line, driving the price above the 50% Fib retracement level from the previous downward movement. Currently, Solana is positioned above $110 and the 100 simple moving average over a 4-hour period. Moving forward, immediate resistance can be expected near the $111 level, followed by a more prominent obstacle at $114 or the 76.4% Fib retracement level from the recent swing high to low.
Should Solana successfully breach the $114 resistance barrier, it could pave the way for another substantial surge. The subsequent key resistance lies around $118, with further gains possibly propelling the price towards $125. Conversely, a failure to rally past the $114 resistance could trigger a downside correction. Initial support is anticipated near the $108.50 level or the 100 simple moving average over a 4-hour period, with a critical support level resting at $105. In the event of a decline beneath $98.50, the price may target the $92 support level in the short term.
Analyzing the technical indicators, the 4-hour MACD for SOL/USD is indicating an acceleration in the bullish zone, while the RSI is positioned above the 50 level. Major support levels for Solana can be identified at $108.50 and $105, with significant resistance levels present at $114, $118, and $125. It is important to highlight that the content provided in this article is strictly for educational purposes and does not reflect the views of NewsBTC on investment decisions. As with any investment, trading SOL carries inherent risks, and individuals are encouraged to conduct thorough research before making any financial commitments. Remember, all information presented on this platform should be used at your own discretion and risk.