Solana started a fresh increase above the $92 zone. SOL price is now consolidating near $95 and might aim for more gains above the $98 zone.
- SOL price started a fresh upward move above the $92 and $95 levels against the US Dollar.
- The price is now trading above $92 and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $94 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend gains if it clears the $98 resistance zone.
Solana Price Rallies Over 5%
Solana price started a decent increase after it settled above the $88 zone, like Bitcoin and Ethereum. SOL climbed above the $92 level to enter a short-term positive zone.
The price even smashed the $95 resistance. A high was formed at $97.67, and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent upward move from the $86.54 swing low to the $97.67 high.
Solana is now trading above $92 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $94 on the hourly chart of the SOL/USD pair.
On the upside, the price is facing resistance near $95. The next major resistance is near the $98 level. The main resistance could be $100. A successful close above the $100 resistance zone could set the pace for another steady increase. The next key resistance is $105. Any more gains might send the price toward the $112 level.
Downside Correction In SOL?
If SOL fails to rise above the $98 resistance, it could start another decline. Initial support on the downside is near the $94 zone. The first major support is near the $92 level and the 50% Fib retracement level of the recent upward move from the $86.54 swing low to the $97.67 high.
A break below the $92 level might send the price toward the $88 support zone. If there is a close below the $88 support, the price could decline toward the $82 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $94.00 and $92.00
Major Resistance Levels – $95.00 and $98.00.
Source: https://www.newsbtc.com/analysis/solana-sol-momentum-explodes-100/
