SOL Price Surges 10% As Solana Bulls Aim New High Above $125

Solana is up over 10% and gaining pace above $105. SOL price seems to be setting up for an upside break above the $125 resistance zone.

• SOL price started a fresh rally above the $100 resistance against the US Dollar.
• The price is now trading above $105 and the 100 simple moving average (4 hours).
• There was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
• The pair could continue to rally if there is a clear move above the $118 resistance.

Solana Price Starts Fresh Rally

After a downside correction, Solana found support near the $93.50 level. SOL formed a base and recently started a fresh increase above the $100 resistance.

It is up over 10% today, outperforming Bitcoin and Ethereum. There was a move above the 50% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low. Besides, there was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair.

SOL is now trading above $105 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $114 level. The first major resistance is near the $118 level or the 76.4% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low.

Source: SOLUSD on TradingView.com

The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $138. Any more gains might send the price toward the $145 level.

Another Drop in SOL?

If SOL fails to rally above the $118 resistance, it could start a downside correction. Initial support on the downside is near the $108 level.

The first major support is near the $100 level or the 100 simple moving average (4 hours), below which the price could test $94. If there is a close below the $94 support, the price could decline toward the $80 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 – $108, and $100.

Major Resistance Levels – $118, $125, and $138.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/sol-price-surges-10-solana-aim-125/