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Home»EXCHANGE NEWS»SOL Price Begins Rebound – Why Solana Could Soar More Than 10%
EXCHANGE NEWS

SOL Price Begins Rebound – Why Solana Could Soar More Than 10%

By Crypto FlexsFebruary 27, 20243 Mins Read
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SOL Price Begins Rebound – Why Solana Could Soar More Than 10%
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Solana is gaining bullish momentum above $108. SOL price is showing positive signs and may break above the $118 resistance in the near term.

  • SOL price started a fresh rise from the $98.50 support level against the US dollar.
  • The price is currently trading above $108 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the SOL/USD pair (Kraken data source), there is a break above the main bearish trend line at $108.80, which is the resistance level.
  • If it breaks the $115 and $118 resistance levels, the pair could continue to rise.

Solana price begins a new rise

Solana price formed a base above the $98.50 support zone and recently started a new rise. There was a significant increase above the $102 and $105 levels.

The price rose by almost 10% and, like Bitcoin and Ethereum, there was a move above the $108 level. On the 4-hours chart of the SOL/USD pair, there was a break above the main bearish trend line at the resistance level of $108.80. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $118.70 swing high to the $98.54 low.

Solana is currently trading above $110 and the 100 simple moving average (4-hours). Immediate resistance is near the $111 level. The next major resistance is near the $114 level or the 76.4% Fib retracement level for a downside move from the $118.70 swing high to the $98.54 low.

Source: SOLUSD on TradingView.com

A successful close above the $114 resistance could set the pace for another big rally. The next major resistance is near $118. Any more profits could push the price down to the $125 level.

Are Dips limited in SOL?

If SOL fails to rebound above the $114 resistance, a downward correction could begin. Initial support on the downside is near the $108.50 level or the 100 simple moving average (4-hours).

The first major support is near the $105.00 level, below which the price may test $98.50. If the price closes below the $98.50 support, the price may decline towards the $92 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 – $108.50 and $105.00.

Key resistance levels – $114, $118, $125.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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