HomeAltcoin NewsSolana (SOL) Price Analysis: Rally Could Extend To $120

Solana (SOL) Price Analysis: Rally Could Extend To $120

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  • Solana price started a strong increase above the $92.00 resistance against the US Dollar.
  • The price is now trading above $100 and the 55 simple moving average (4 hours).
  • There is a connecting bullish trend line forming with support near $100 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase).
  • The pair must clear $105 and $112 to continue higher in the near term.

Solana price is trading in a positive zone above $100 against the US Dollar, like Bitcoin. SOL could extend its rally toward the $120 resistance.

Solana (SOL) Price Analysis

SOL price remained in a bullish zone above the $80 and $82 support levels. The bulls were active near the $92 zone. A base was formed, and the price started a decent increase above the $98 level.

There was a push above the $100 level and the 55 simple moving average (4 hours). The pair even climbed above the $105 level. A high was formed near $106.45 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $78.14 swing low to the $106.45 high.

SOL is now trading above $100 and the 55 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $100 on the 4-hour chart of the SOL/USD pair.

On the upside, an immediate resistance is near the $102.5 level. The next major resistance is near the $105 zone. Any more gains might send SOL price toward the $112 resistance zone, above which the price could accelerate higher. The next major resistance sits near the $120 level.

On the downside, initial support is near the $100 level and the trend line zone. A downside break below the $100 support level might push the price toward the $95 level.

Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $78.14 swing low to the $106.45 high at $92.30.

Solana (SOL) Price
Solana (SOL) Price

Looking at the chart, Solana price is clearly trading above $100 and the 55 simple moving average (4 hours). Overall, the price must clear $105 and $112 to continue higher in the near term.

Technical Indicators

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

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

Key Support Levels – $100 and $92.30.

Key Resistance Levels – $105, $112, and $120.

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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