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.
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