Solana is gaining bullish momentum above $110. SOL price is surging and the bulls could soon target a rise above the $120 level.
- SOL price started a new rise from the $95.00 support level against the US dollar.
- The price is currently trading above $105 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the SOL/USD pair, there is a major bullish trendline forming around support at $109.20 (data source from Kraken).
- If it breaks the $115 and $118 resistance levels, the pair could continue to rise.
Solana price begins a new rebound
Solana price formed a base above the $94.00 support zone and recently started a new rise. There was a significant increase above the $98 and $100 levels.
The price rose nearly 10% and moved beyond the $110 level, outperforming Bitcoin and Ethereum. The bulls pushed the price closer to $115. A high was formed near $114.98 and the price shows no signs of exhaustion.
From the swing low of $103.38 to the high of $114.98, the uptrend remains above the 23.6% Fib retracement level of the recent wave. Solana is currently trading above $110 and the 100 simple moving average (4-hours).
There is also a major bullish trend line forming with support at $109.20 on the 4-hours chart of the SOL/USD pair. The trend line is near 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
Immediate resistance is near the $115 level. The next major resistance is near the $118 level. A successful close above the $118 resistance could set the pace for another big rally. The next major resistance is near $125. Any more profits could push the price higher to the $132 level.
Are Dips supported in SOL?
If SOL fails to rebound above the $115 resistance, a downward correction could begin. Initial support for the downside is near the $112.20 level.
The first major support is near the $109.20 level and the trend line, below which the price may test $105. If the price closes below the $105 support, the price may decline towards the $100 support in the near term.
technical indicators
4-Hour MACD – The MACD for SOL/USD is pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Key support levels – $102.20 and $109.20.
Key resistance levels – $115, $118, $125.
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