Solana (SOL) Looks to Surpass $90 — Is $100 Next?
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The price of Solana has entered a new phase of growth, having established a foothold above the $88 mark. Currently, SOL is positioned around $90, indicating a potential for further upward movement as traders eye the $92 resistance level.
After initiating an upward trajectory, Solana’s value has successfully crossed key thresholds, including both the $85 and $88 levels against the US Dollar. This upward momentum is reflected in its trading above the 100-hourly simple moving average.
A significant technical breakthrough occurred as the price surpassed a crucial contracting triangle with a resistance level situated at $87 on the hourly chart of the SOL/USD pair. Following this, the price peaked at $91.12 before entering a consolidation phase, although there was a minor dip noted below the 23.6% Fibonacci retracement of the latest increase.
Traders have observed that Solana’s current trading status above $88, alongside the 100-hourly moving average, indicates a healthy bullish trend. However, the price is meeting resistance near the $91.20 mark. For a robust upward trajectory, SOL needs to breach the $92 threshold, with the next significant resistance identified at $95. A closing price above this resistance could pave the way for a move towards the coveted $100 level, and potentially even $102.
Concerns loom, however, regarding a possible downside correction. Should the price fail to overcome the resistance at $91.20, a downward trend could emerge. The initial support to watch for lies near the $88 mark, with $87.40 acting as the first major support level, aligning with the 61.8% Fibonacci retracement from the recent rally.
A breach below the $87.40 level might prompt the price to test the $85 support zone, and further declines could take the value towards the $78 support in the near term.
In terms of technical indicators, the hourly MACD for the SOL/USD pair appears to be losing momentum within the bullish zone, while the RSI remains above the neutral 50 level, suggesting that bullish sentiment is still present, albeit potentially waning.
In summary, while Solana is exhibiting positive price action and has broken through vital resistance levels, traders should remain vigilant about potential corrections. The ability to sustain momentum will be critical as the price targets significant resistance points ahead.
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Elena Rodriguez
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