Solana rose more than 10% on the day as traders target a $120 resistance level

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Solana rose more than 10% on the day as traders target a $120 resistance level

By Motiur Rahman - min read
  • Solana's price is bullish after finding support at $81. 

  • SOL/USD is presently trading at $108.5

  • The next resistance level is at $120

Solana's price is currently forming a bullish trend, as we expect the existing consolidation to conclude with a break over the $112 barrier. If the breakthrough is robust today, experts believe there will be even more potential next week.

The price is headed for a break over $120 since no resistance points prevent it from attaining that level.

SOL/USD price fluctuation in the previous 24 hours: Is there a chance of a positive reversal?

The SOL/USD pair is now trading at $108, with a bullish trend emerging, with negligible signs indicating a negative trend; therefore, we are strongly bullish on SOL/USD.

Nevertheless, there was significant buying behavior in this zone when a support point around $90 halted the bearish trend. The price rose to break the $100 resistance and found short-term resistance at $110 before consolidating afterward, establishing a symmetrical triangle formation on the hourly chart, which might result in another breakthrough above the $115 mark.

Source – TradingView

Solana's price has crossed over the resistance level of $110, indicating a possible bullish rally in the next few days or weeks. 

As a result, it seems that SOL/USD may trade around the $120-$130 area this week, with just a few dips predicted before a significant ascending trend starts.

The price is currently above the 23.6 percent Fibonacci retracement level at $95.08, pushing through the $100 barrier. The present price is above the 100 EMA line at $96. There is no evidence of a substantial pullback shortly.

The MACD indicator is currently in the bullish zone, with its signal point delivering a robust buy signal after passing above the MACD line during the weekend.