Solana is gaining bullish momentum above $100. The SOL price signals a new increase and could rise further towards the $112 level.
- SOL price started to rise again after the support at $93.20 against the US dollar.
- The price is now trading above USD 98 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance at $96 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could continue to rise if it overcomes the $102.50 and $105.00 resistance levels.
Solana Price regains bullish momentum
Solana price formed a base above the USD 93.20 support zone and recently started a new increase. There was a decent increase above the USD 96 and USD 98 levels.
The price is up over 7% and there was a move above the $100 level, outperforming Bitcoin and Ethereum. During the rise, the price reached the 76.4% Fib retracement level of the downward move from the $102.46 swing high to the $93.17 low.
Additionally, there was a break above a major bearish trendline with resistance at $96 on the 4-hour chart of the SOL/USD pair. Solana is now trading above $98 and the 100 simple moving average (4 hours).
Source: SOLUSD on TradingView.com
Immediate resistance is near the $102.50 level. The next major resistance is around the $105 level. A successful close above the $105 resistance could set the pace for another big move higher. The next major resistance is near USD 112. Any further gains could send the price towards the USD 120 level.
Are dips supported in SOL?
If SOL fails to break above the USD 105 resistance, a downside correction could occur. The initial downside support is near the $98 level.
The first major support is near the $96 level and the 100 simple moving average (4-hours), below which the price could test $93.20. If there is a close below the USD 93.20 support, the price could fall towards the USD 85 support in the near term.
Technical indicators
4-hour MACD – The MACD for SOL/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major support levels – USD 96 and USD 93.20.
Major resistance levels – $102.50, $105 and $112.
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