Solana is gaining bullish momentum above $110. SOL price is rising and the bulls could aim for a move above the $120 level soon.
- SOL price started a new increase after the support at $95.00 against the US dollar.
- The price is now trading above USD 105 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $109.20 on the 4-hour chart of the SOL/USD pair (Kraken data source).
- The pair could continue to rise if it overcomes the USD 115 and USD 118 resistance levels.
Solana Price starts new rally
Solana price formed a base above the USD 94.00 support zone and recently started a new increase. There was a decent increase above the USD 98 and USD 100 levels.
The price is up almost 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 shows no signs of upside exhaustion.
It holds 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 major bullish trendline forming with support at $109.20 on the 4-hour chart of the SOL/USD pair. The trendline is close to 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
The immediate resistance is near the $115 level. The next major resistance is around the $118 level. A successful close above the $118 resistance could set the pace for another big move higher. The next major resistance is near USD 125. Any further gains could send the price towards the USD 132 level.
Are dips supported in SOL?
If SOL fails to break above the USD 115 resistance, a downside correction could occur. The initial downside support is near the $112.20 level.
The first major support is near the USD 109.20 level and the trendline, below which the price could test USD 105. If there is a close below the $105 support, the price could fall towards the $100 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 – $102.20 and $109.20.
Major resistance levels – $115, $118 and $125.
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