Solana (SOL) Rally Gains Momentum, Traders Eye Key $100 Resistance

Solana has initiated a fresh increase, moving beyond the $88 mark. Currently, SOL is consolidating above $90 and may target additional gains past the $95 level.

Key Takeaways

Solana's price has surged above the $85 and $88 thresholds against the US Dollar.
The current trading level is above $90 and the 100-hourly simple moving average.
A bullish trend line is forming, with support identified at $89 on the hourly chart of the SOL/USD pair (data sourced from Kraken).
The price might continue to rise if it breaks through the $95 resistance zone.

Solana (SOL) Rally Gains Momentum

Solana's Price Recovery

Solana's price has experienced a significant increase after stabilizing above $85, following the upward trends seen in Bitcoin and Ethereum. The SOL price rose above the $88 mark, indicating a bullish shift in momentum.

The price exceeded the $90 resistance, with bulls pushing it further to back a high of $94.10. Currently, the price is consolidating these gains and has shown a slight retracement below the 23.6% Fibonacci level from its recent climb, which started from a low of $82.50 to the peak of $94.10.

At present, Solana is trading above the $90 benchmark and the 100-hourly simple moving average. Additionally, there’s a bullish trend line forming with support at $89 on the hourly chart for the SOL/USD pair.

Solana Price
Source: SOLUSD on TradingView.com

Looking upwards, the price encounters resistance around the $92 mark. The next significant resistance is situated at $95. The key level to watch is $100; a successful close above this resistance could initiate a new wave of growth. Following that, major resistance might appear at $108, with any further increases possibly pushing the price toward the $112 level.

Possible Downsides for SOL

Should SOL fail to surpass the $92 resistance, it might trigger a reversal. Initial support on the downside lies near the $90 area. The first major support level is at $88.50, aligning with the trend line or the 50% Fibonacci retracement from the recent move up, beginning at $82.50 and peaking at $94.10.

If the price drops below the $88.50 mark, it could decline to the $84 support zone. A close under $84 may lead the price down to the $78 support level in the near term.

Technical Indicators

Hourly MACD: The MACD for the SOL/USD pair is losing momentum within the bullish territory.
Hourly RSI (Relative Strength Index): The RSI for SOL/USD sits above the 50 mark.
Major Support Levels: $90 and $88.50
Major Resistance Levels: $92 and $95.