Solana Price Rebounds from Support
The price of Solana (SOL) has experienced a fresh increase after finding support at $93.20 against the US Dollar. Currently, SOL is trading above $98 and the 100 simple moving average (4 hours).
Bullish Breakout Confirmed
There has been a significant development as the price broke above a major bearish trend line with resistance at $96 on the 4-hour chart of the SOL/USD pair. This breakout signals a shift in momentum towards the bulls.
Potential for Further Upside
If SOL manages to clear the resistance levels at $102.50 and $105.00, it could continue its rally. A successful close above $105 could pave the way for another significant increase, with the next key resistance level near $112.
Support Levels and Potential Correction
In case of a downside correction, SOL has initial support at $98. The first major support level is near $96, followed by the 100 simple moving average (4 hours) around that level. If the price falls below the crucial support at $93.20, it may decline further towards the $85 support.
Technical Indicators
The MACD indicator shows bullish momentum for SOL/USD on the 4-hour chart. The RSI indicator is also above 50, indicating strength in the current uptrend.
Hot Take: Solana Gains Momentum with Bullish Breakout
Solana’s price has rebounded from key support levels and made a bullish breakout above a significant resistance trend line. With continued upward momentum, SOL could potentially reach higher resistance levels at $102.50, $105, and even $112. However, if the price fails to surpass the $105 resistance, a downside correction may occur with support levels at $98, $96, and $93.20. Overall, Solana’s recent performance suggests a positive outlook for the cryptocurrency.
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