Solana started a new increase above the $92 zone. SOL price is now consolidating around $95 and could aim for more gains above the $98 zone.
- SOL price started a new upward move above the USD 92 and USD 95 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 $94 on the hourly chart of the SOL/USD pair (Kraken data source).
- The pair could extend gains if it breaks the $98 resistance zone.
Solana price increases by more than 5%
Solana price started a decent increase after it crossed above the $88 zone, just like 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 $97.67, and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level from the recent upward move from the $86.54 swing low to the $97.67 high.
Solana is now trading above $92 and the 100-hour moving average. Moreover, a bullish trendline is forming with support at $94 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance around $95. The next major resistance is around the $98 level. The main resistance could be at $100. A successful close above the $100 resistance zone could set the pace for another steady rise. The next major resistance is $105. Any further gains could send the price towards the USD 112 level.
Downward correction in SOL?
If SOL fails to rise above the USD 98 resistance, it could trigger another decline. The initial downside support is near the $94 zone. The first major support is near the $92 level and the 50% Fib retracement level of the recent upward move from the $86.54 swing low to the $97.67 high.
A break below the $92 level could send the price towards the $88 support zone. If there is a close below the $88 support, the price could fall towards the $82 support in the near term.
Technical indicators
Hourly MACD – The MACD for SOL/USD is losing pace 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 92.00
Major resistance levels – $95.00 and $98.00.