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Home»BITCOIN NEWS»SOL Price Soars to $115 – Why Solana Could Rise Another 10%
BITCOIN NEWS

SOL Price Soars to $115 – Why Solana Could Rise Another 10%

By Crypto FlexsFebruary 13, 20243 Mins Read
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SOL Price Soars to 5 – Why Solana Could Rise Another 10%
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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.

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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