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.
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