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Home»EXCHANGE NEWS»SOL Price Breaks $100 – Why Solana Could Rise Another 10%
EXCHANGE NEWS

SOL Price Breaks $100 – Why Solana Could Rise Another 10%

By Crypto FlexsFebruary 8, 20243 Mins Read
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SOL Price Breaks 0 – Why Solana Could Rise Another 10%
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Solana is gaining bullish momentum above $100. SOL price is signaling a fresh rise and may rise further towards the $112 level.

  • SOL price started a fresh rise from the $93.20 support level against the US dollar.
  • The price is currently trading above $98 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the SOL/USD pair, a major bearish trend line was broken above the resistance level of $96 (data source from Kraken).
  • The pair could continue to rise if it breaks the $102.50 and $105.00 resistance levels.

Solana price regains bullish momentum

Solana price formed a base above the $93.20 support zone and recently started a new rise. There was a significant increase above the $96 and $98 levels.

The price rose more than 7% and moved beyond the $100 level, outperforming Bitcoin and Ethereum. During the uptrend, the price cleared the 76.4% Fib retracement level of the downward move from the $102.46 swing high to the $93.17 low.

Moreover, on the 4-hours chart of the SOL/USD pair, there was a break above the main bearish trend line at $96, which is the resistance level. Solana is currently trading above $98 and the 100 simple moving average (4-hours).

Source: SOLUSD on TradingView.com

Immediate resistance is near the $102.50 level. The next major resistance is near the $105 level. A successful close above the $105 resistance could set the pace for another big rally. The next major resistance is near $112. Any more profits could push the price down to the $120 level.

Are Dips supported in SOL?

If SOL fails to rebound above the $105 resistance, a downward correction could begin. Initial support for the downside is near the $98 level.

The first major support is near the $96 level and the 100 simple moving average (4-hours), below which the price may test $93.20. If the price closes below the $93.20 support, the price may decline towards the $85 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 – $96 and $93.20.

Key resistance levels – $102.50, $105, $112.

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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