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Solana (SOL) Knocks on $88, Bulls Aim for $100 Rally

Source Newsbtc

Solana started a fresh increase above the $85 zone. SOL price is now consolidating near $87 and might aim for more gains above the $90 zone.

SOL price started a fresh upward move above the $82 and $85 levels against the US Dollar.
The price is now trading above $85 and the 100-hourly simple moving average.
There was a break above a bearish trend line with resistance at $83.60 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could extend gains if it clears the $88 resistance zone.

Solana Price Starts Fresh Recovery Wave

Solana price started a decent increase after it settled above the $82 zone, like Bitcoin and Ethereum. SOL climbed above the $85 level to enter a short-term positive zone.

Earlier, there was a break above a bearish trend line with resistance at $83.60 on the hourly chart of the SOL/USD pair. The price even smashed the $86 resistance. A high was formed at $86.85, and the price is now consolidating gains above the 23.6% Fib retracement level of the recent upward move from the $81.32 swing low to the $86.85 high.

Solana is now trading above $85 and the 100-hourly simple moving average. On the upside, the price is facing resistance near $86.80. The next major resistance is near the $88 level. The main resistance could be $92. A successful close above the $92 resistance zone could set the pace for another steady increase. The next key resistance is $100. Any more gains might send the price toward the $102 level.

Downside Correction In SOL?

If SOL fails to rise above the $88 resistance, it could start another decline. Initial support on the downside is near the $85.50 zone. The first major support is near the $84.00 level and the 50% Fib retracement level of the recent upward move from the $81.32 swing low to the $86.85 high.

A break below the $84.00 level might send the price toward the $82 support zone. If there is a close below the $82 support, the price could decline toward the $76.50 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $85.50 and $84.00

Major Resistance Levels – $88.00 and $90.00.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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