Solana’s bullish momentum continues to rise above $108, with positive signs indicating a potential breakthrough of the $118 resistance level in the near future. This surge in SOL price is a result of a fresh uptrend that started from the $98.50 support against the US Dollar. Currently, SOL is trading above $108 along with the 100 simple moving average (4 hours), highlighting its strength in the market.
One of the notable developments is the break above a significant bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair sourced from Kraken. This breakout suggests a potential rally if the price manages to clear the $115 and $118 resistance levels.
Solana’s price movement has formed a strong base above the $98.50 support zone, leading to a recent uptrend. The price has shown a remarkable 10% increase, surpassing key levels such as $102, $105, and now $108, aligning with the trends seen in Bitcoin and Ethereum markets. Additionally, a successful push above the $114 resistance could pave the way for further gains, with the next major resistance level expected around $118, possibly even pushing the price towards $125.
In the event of a downside correction, SOL may find initial support near the $108.50 level or the 100 simple moving average (4 hours), with further support at $105.00. A close below the crucial $98.50 support level could trigger a decline towards $92 in the short term.
Analyzing technical indicators, the MACD for SOL/USD is showing bullish momentum, while the RSI is above the 50 level, indicating positive market sentiment. Key support and resistance levels to watch out for include $108.50, $105.00, $114, $118, and $125.
As always, it is important to conduct thorough research and analysis before making any investment decisions in the crypto market. This information serves educational purposes and should not be taken as financial advice. Invest wisely and be aware of the inherent risks associated with cryptocurrency investments.
