Key Resistance under Pressure
The resistance level at $104 is currently preventing Solana from reaching higher prices. However, sellers are showing signs of weakness, giving bulls a good opportunity to break through this level.
Breakout Imminent?
In the last three days, buyers have been dominating the market, consistently closing each daily candle in green. With another push, Solana could easily break through the resistance level. Additionally, momentum is favoring the bulls.
MACD Picking Up Speed
The daily MACD indicator showed a bullish cross in late January and is now making higher highs on its histogram. This suggests that a breakout is likely to happen soon. The RSI on the daily timeframe is also above 50, further supporting the bullish sentiment.
Bias
The overall bias for SOL is bullish.
Short-Term Prediction for SOL Price
A breakout above $104 seems probable. If buyers can turn this level into support, Solana will have a clear path to higher levels, with $126 as the next key target. It’s worth noting that these positive developments occurred despite the recent network downtime experienced by Solana.
Hot Take: Solana Faces Resistance at Key Level
Despite showing strength and potential for a breakout, Solana is currently facing resistance at the $104 level. Bulls have an opportunity to overcome this obstacle and propel Solana to even greater heights. Keep an eye on the price action and momentum in the coming days as it may determine whether Solana breaks through or experiences a pullback.
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