Solana initiated a new rally above the $90 zone. The price of SOL is now consolidating and may try to gain more profit than the $96 zone.
- The price of SOL started a new rise above the levels of $90 and $92 against the US Dollar.
- The price is now trading above $92 with about a 100-hour simple move.
- There is a strong trend line formed by support at $92.20 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could extend profits if it clears the $96.50 resistance zone.
The Solana Tree Begins a New Resurgence
The price of Solana started a positive increase after settling above the $88 zone, a very good performance Bitcoin and Ethereum. SOL rose above the $92 level to enter positive territory in the short term.
The price also broke the resistance of $95. A high was made at $96.85, and the price is now including profits. There was a slight decline to the recent 23.6% Fib retracement level moving from the $87.61 swing low to the $96.85 high.
Solana is now trading above $92 with a 100-hour simple moving average. Besides, there is a strong trend line formed by support at $92.20 on the hourly chart of the SOL/USD pair.
Above it, the price is facing resistance near $96.20. The next major resistance is near the $96.50 level. The biggest rejection would be $98. A successful close above the $98 resistance area could trigger another sustained rally. The next necessary resistance is $102. Any further gains could send the price towards the $105 level.
Controlling Below SOL?
If SOL fails to rise above the resistance at $96.50, it could trigger another decline. Initial support is near the $94.00 zone. The first major support is near the $92.20 level, the trend line, and the 50% Fib retracement level of the recent upside from the $87.61 swing low to the $96.85 high.
A break below the $92.20 level could send the price to the $90 support area. If there is a close below the $90 support, the price may drop to the $88 support soon.
Technical Indicators
Hourly MACD – MACD of SOL/USD is increasing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI of SOL/USD is above the 50 level.
Major Support Levels – $94.00 and $92.20
Main Resistance Levels – $96.50 and $98.00.
