HomeAltcoin NewsSOL Price Analysis: Solana Could Gain Momentum Above $105

SOL Price Analysis: Solana Could Gain Momentum Above $105

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  • Solana price started a fresh increase from the $88.00 zone against the US Dollar.
  • The price is now trading above $95.00 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance at $104.00 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $104 and $105 to continue higher in the near term.

Solana price is trading above $95 against the US Dollar, like Bitcoin. SOL could start a strong increase if it clears the $105 resistance.

Solana (SOL) Price Analysis

SOL price started a decent upward move from the $88.00 support zone. The price formed a base and was able to climb above the $90 and $92 levels.

There was a clear move above the 50% Fib retracement level of the recent decline from the $105.44 swing high to the $93.01 low. The bulls were even able to push the price above the $95.00 resistance zone. However, the bears were active near the $100.00 resistance.

SOL is now trading above $95.00 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $100.00 level or the 61.8% Fib retracement level of the recent decline from the $105.44 swing high to the $93.01 low.

The next major resistance is near the $105.00 zone. There is also a key contracting triangle forming with resistance at $104.00 on the 4-hour chart of the SOL/USD pair.

Any more gains might send SOL price towards the $115.00 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $125.00 level. On the downside, initial support is near the $96.00 level.

The next major support is near the $88.00 level. A downside break below the $88.00 support level might push the price toward the $80.00 support. Any more losses might open the doors for more losses toward $75.00.

SOL Price
SOL Price

Looking at the chart, Solana price is trading above $95.00 and the 55 simple moving average (4 hours). Overall, the price must clear $100 and $105 to continue higher in the near term.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $95.00 and $88.00.

Key Resistance Levels – $100, $105, and $125.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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