Solana (SOL) Upside Builds, $100 Breakout Hopes Strengthen Across Market

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Solana started a fresh increase above the $82 zone. SOL price is now consolidating above $85 and might aim for more gains above the $95 zone.

• SOL price started a fresh upward move above the $82 and $85 levels against the US Dollar.
• The price is now trading above $82 and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $87 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 Regains Traction

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.

The price even smashed the $88 resistance. The bulls were able to push the price above $90. A high was formed at $92, and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent upward move from the $75.64 swing low to the $92.05 high.

Recently, there was a break above a bearish trend line with resistance at $87 on the hourly chart of the SOL/USD pair. Solana is now trading above $85 and the 100-hourly simple moving average.

On the upside, the price is facing resistance near $88. The next major resistance is near the $92 level. The main resistance could be $95. A successful close above the $95 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 $106 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 level or the 50% Fib retracement level of the recent upward move from the $75.64 swing low to the $92.05 high.

A break below the $84 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 $78 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 and $95.