Solana (SOL) Momentum Surges as $100 Target Approaches

Solana has initiated a new upward trend, moving beyond the $92 level. Currently, SOL is stabilizing around $95 and may target further growth above the $98 area.

Key Takeaways

SOL's price has recently risen above both the $92 and $95 thresholds against the US Dollar.
It is now trading above $92 and the 100-hourly simple moving average.
A bullish trend line is emerging with support set at $94 on the hourly chart for the SOL/USD pair (data from Kraken).
The price could continue to climb if it surpasses the $98 resistance zone.

Solana (SOL) Momentum Surges

Solana Price Increases Over 5%

Solana's price has experienced a notable rise after establishing itself above the $88 mark, similar to movements in Bitcoin and Ethereum. SOL has surged past the $92 level, entering a short-term bullish region. The price even broke through the $95 resistance, reaching a high of $97.67 before consolidating its gains. There has been a slight pullback below the 23.6% Fibonacci retracement level from the recent upward shift that began at the $86.54 lower point to the $97.67 peak.

Currently, Solana is trading above $92 and the 100-hourly simple moving average. Additionally, a bullish trend line with support at $94 is forming on the hourly chart for the SOL/USD pair.

Solana Price
Source: SOLUSD on TradingView.com

On the upside, there is resistance near the $95 level, with the next significant barrier at $98. The major resistance level is at $100. If SOL successfully closes above the $100 mark, it could pave the way for another steady upward movement, with the next key resistance targeted at $105. Continued gains may drive the price towards $112.

Is a Downside Correction Possible for SOL?

If SOL does not manage to break through the $98 resistance, it may enter a downward correction. The initial support level on the downside is around $94, followed by a crucial support point near $92, which aligns with the 50% Fibonacci retracement level of the recent upward movement from the $86.54 swing low to the $97.67 high.

Should the price dip below $92, it might drop towards the $88 support zone. Further declines, if a close occurs beneath this $88 support, could see the price falling to the $82 level in the near term.

Technical Indicators

Hourly MACD: The MACD indicator for SOL/USD is showing signs of slowing down within the bullish territory.
Hourly RSI (Relative Strength Index): The RSI indicates that SOL/USD is above the 50 level.

Key Support and Resistance Levels

Major Support Levels: $94.00 and $92.00
Major Resistance Levels: $95.00 and $98.00