SOL Price Breaks $100 – Why Solana Could Pump Another 10%

Solana is gaining bullish momentum above $100. SOL price is signaling a fresh increase and might rally further toward the $112 level.

    SOL price started a fresh increase from the $93.20 support against the US Dollar.
    The price is now trading above $98 and the 100 simple moving average (4 hours).
    There was a break above a major bearish trend line with resistance at $96 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    The pair could continue to rally if it clears the $102.50 and $105.00 resistance levels.

Solana Price Regains Bullish Momentum

Solana price formed a base above the $93.20 support zone and recently started a fresh increase. There was a decent increase above the $96 and $98 levels.

The price is up over 7% and there was a move above the $100 level, outperforming Bitcoin and Ethereum. During the increase, the price cleared the 76.4% Fib retracement level of the downward move from the $102.46 swing high to the $93.17 low.

Besides, there was a break above a major bearish trend line with resistance at $96 on the 4-hour chart of the SOL/USD pair. Solana is now trading above $98 and the 100 simple moving average (4 hours).

SOL Price Breaks $100 – Why Solana Could Pump Another 10%

Immediate resistance is near the $102.50 level. The next major resistance is near the $105 level. A successful close above the $105 resistance could set the pace for another major increase. The next key resistance is near $112. Any more gains might send the price toward the $120 level.

Are Dips Supported in SOL?

If SOL fails to rally above the $105 resistance, it could start a downside correction. Initial support on the downside is near the $98 level.

The first major support is near the $96 level and the 100 simple moving average (4 hours), below which the price could test $93.20. If there is a close below the $93.20 support, the price could decline toward the $85 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $96, and $93.20.

Major Resistance Levels – $102.50, $105, and $112.

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2024-02-08 08:10