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Home»BITCOIN NEWS»SOL price surges 10% as Solana Bulls target new highs above $125
BITCOIN NEWS

SOL price surges 10% as Solana Bulls target new highs above $125

By Crypto FlexsJanuary 2, 20243 Mins Read
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SOL price surges 10% as Solana Bulls target new highs above 5
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Solana is up more than 10% and is trending above $105. SOL price appears to be preparing for an upward reversal above the $125 resistance zone.

  • SOL price started a new bounce above the $100 resistance 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 (data source from Kraken), a breakout occurred above the main contraction triangle with resistance near $104.
  • If there is a clear move above the $118 resistance, the pair may continue to rise.

Solana price begins a new rebound

After a downward correction, Solana found support near the $93.50 level. SOL formed a base and recently broke above the $100 resistance level to start a new rally.

It is up more than 10% today, outperforming Bitcoin and Ethereum. There was a move above the 50% Fib retracement level with a downward move from the $126.13 swing high to the $93.50 low. Moreover, on the 4-hours chart of the SOL/USD pair, it has crossed a major contraction triangle with resistance near $104.

SOL is currently trading above $105 and the 100 simple moving average (4-hours). On the other hand, immediate resistance is close to the $114 level. The first major resistance is near the $118 level or the 76.4% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low.

Source: SOLUSD on TradingView.com

Key resistance is currently near $125. A successful close of the $125 resistance could set the pace for another major rally. The next major resistance is near $138. Any more profits could push the price higher to the $145 level.

Another decline in SOL?

If SOL fails to rebound above the $118 resistance, a downward correction could begin. Initial support for the downside is near the $108 level.

The first major support is near the $100 level or the 100 simple moving average (4-hours), below which the price may test $94. If the price closes below the $94 support, the price may decline towards the $80 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 and $100.

Key resistance levels – $118, $125, $138.

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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