Solana started a new increase above the $90 zone. SOL price is now consolidating and could aim for more gains above the $96 zone.
- SOL price started a new upward move above the USD 90 and USD 92 levels against the US dollar.
- The price is now trading above $92 and the 100-hour moving average.
- A bullish trendline is forming with support at $92.20 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend gains if it breaks the $96.50 resistance zone.
Solana price starts new increase
Solana price started a decent increase after it broke above the $88 zone and outperformed Bitcoin and Ethereum. SOL climbed above the USD 92 level and entered a positive short-term zone.
The price even broke the USD 95 resistance. It reached a high at $96.85, and the price is now consolidating gains. There was a small decline towards the 23.6% Fib retracement level from the recent upward move from the $87.61 swing low to the $96.85 high.
Solana is now trading above $92 and the 100-hour moving average. Moreover, a bullish trendline is forming with support at $92.20 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near USD 96.20. The next major resistance is near the $96.50 level. The main resistance could be at $98. A successful close above the $98 resistance zone could set the pace for another steady rise. The next major resistance is $102. Any further gains could send the price towards the USD 105 level.
Downward correction in SOL?
If SOL fails to rise above the USD 96.50 resistance, it could trigger a fresh decline. The initial downside support is near the $94.00 zone. The first major support is near the $92.20 level, the trendline and the 50% Fib retracement level of the recent upward move from the $87.61 swing low to the $96.85 high.
A break below the $92.20 level could send the price towards the $90 support zone. If there is a close below the $90 support, the price could fall towards the $88 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 94.00 and USD 92.20
Major resistance levels – $96.50 and $98.00.