Solana's price surge above $108 signals positive momentum, targeting $118 resistance. Key technical indicators suggest bullish trend continuation.
Solana is experiencing upward momentum above $108. The SOL price exhibits optimistic indicators, suggesting a potential breakthrough beyond the $118 resistance in the immediate future.
- SOL price initiated a fresh uptrend from the $98.50 support against the US Dollar.
- Currently, the price surpasses $108 and maintains position above the 100 simple moving average (4 hours).
- Notably, there was a breach of a significant bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair (data sourced from Kraken).
- If the pair successfully overcomes the $115 and $118 resistance thresholds, it could prolong its rally.
Solana Price Embarks on a Fresh Uptrend
Solana's price established a foundation above the $98.50 support zone and has recently initiated an upward trend. Noteworthy progress has been made above the $102 and $105 levels.
The current surge amounts to nearly 10%, with the price surpassing $108, akin to Bitcoin and Ethereum. A significant breakthrough occurred above a major bearish trend line, encountering resistance at $108.80 on the 4-hour chart of the SOL/USD pair. Bullish momentum propelled the price beyond the 50% Fib retracement level of the downward movement from the $118.70 swing high to the $98.54 low.
Presently, Solana trades above $110 and the 100 simple moving average (4 hours). Immediate resistance lies near the $111 level, followed by a major resistance at around $114 or the 76.4% Fib retracement level from the $118.70 swing high to the $98.54 low.
Source: SOLUSD on TradingView.com
A successful breach of the $114 resistance could pave the way for further significant gains. The subsequent key resistance is approximately $118. Further advancements might propel the price towards the $125 level.
Is SOL's Downside Limited?
If SOL fails to surpass the $114 resistance, a downward correction could ensue. Initial support is expected near the $108.50 level or the 100 simple moving average (4 hours).
The primary support rests near the $105.00 level, below which the price might test $98.50. A close below the $98.50 support could lead to a decline towards the $92 support in the short term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is positioned above the 50 level.
Major Support Levels – $108.50, and $105.00.
Major Resistance Levels – $114, $118, and $125.