Home CryptocurrencyAnalysis SOL Price Rises to $115: Why Solana Could Recover Another 10%

SOL Price Rises to $115: Why Solana Could Recover Another 10%

by SuperiorInvest

Solana is gaining bullish momentum above $110. SOL price is rising and the bulls could soon aim to break above the $120 level.

  • SOL price started a fresh rise from the $95.00 support against the US Dollar.
  • The price is now trading above $105 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support at $109.20 on the 4-hour chart of the SOL/USD pair (data feed from Kraken).
  • The pair could continue to rise if it breaks the $115 and $118 resistance levels.

Solana price begins a new rally

Solana price formed a base above the $94.00 support zone and recently started a new rise. There was a decent rise above the $98 and $100 levels.

The price is up almost 10% and there was a move above the $110 level, outperforming Bitcoin and Ethereum. The bulls pushed the price close to $115. A high is formed near $114.98 and the price shows no signs of exhaustion on the upside.

It is holding gains above the 23.6% Fib retracement level of the recent wave from the low of $103.38 to the high of $114.98. Solana is now trading above $110 and the 100 simple moving average (4-hours).

There is also a key bullish trend line forming with support at $109.20 on the 4-hour chart of the SOL/USD pair. The trend line is near the 50% Fibonacci retracement level of the recent wave from the low of $103.38 to the high of $114.98.

Source: SOLUSD on TradingView.com

The immediate resistance is near the $115 level. The next major resistance is near the $118 level. A successful close above the $118 resistance could set the pace for another major rise. The next key resistance is near $125. Any further gains could send the price towards the $132 level.

Are falls allowed in SOL?

If SOL fails to overcome the $115 resistance, it could start a downward correction. Initial support on the downside is near the $112.20 level.

The first major support is near the $109.20 level and the trend line, below which the price could test $105. If there is a close below the $105 support, the price could fall towards the $100 support in the near term.

Technical Indicators

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

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

Main support levels: $102.20 and $109.20.

Main resistance levels: $115, $118 and $125.

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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