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Home > Analysis > SOL Price Restarts Rally – Why Solana Could Surge Over 10%

SOL Price Restarts Rally – Why Solana Could Surge Over 10%

Solana is gaining bullish momentum above $108. SOL price is showing positive signs, and it could even surpass the $118 resistance in the near term.

  • SOL price started a fresh increase from the $98.50 support against the US Dollar.
  • The price is now trading above $108 and the 100 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rally if it clears the $115 and $118 resistance levels.

Solana Price Starts Fresh Increase

Solana price formed a base above the $98.50 support zone and recently started a fresh increase. There was a decent increase above the $102 and $105 levels.

The price is up nearly 10% and there was a move above the $108 level, like Bitcoin and Ethereum. There was a break above a major bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $118.70 swing high to the $98.54 low.

Solana is now trading above $110 and the 100 simple moving average (4 hours). Immediate resistance is near the $111 level. The next major resistance is near the $114 level or the 76.4% Fib retracement level of the downward move from the $118.70 swing high to the $98.54 low.

Source: SOLUSD on TradingView.com

A successful close above the $114 resistance could set the pace for another major increase. The next key resistance is near $118. Any more gains might send the price toward the $125 level.

Are Dips Limited in SOL?

If SOL fails to rally above the $114 resistance, it could start a downside correction. Initial support on the downside is near the $108.50 level or the 100 simple moving average (4 hours).

The first major support is near the $105.00 level, below which the price could test $98.50. If there is a close below the $98.50 support, the price could decline toward the $92 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 – $108.50, and $105.00.

Major Resistance Levels – $114, $118, and $125.

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