SOL Price Faces Big Move – Can Bulls Send Solana To $120?

Solana is making an attempt a recent improve from the $92 zone. SOL worth may acquire bullish momentum if it manages to clear the $100 and $104 resistance ranges.

• SOL worth began a recent decline from the $106 resistance in opposition to the US Greenback.
• The value is now buying and selling above $92 and the 100 easy transferring common (4 hours).
• There was a break beneath a key bullish pattern line with assist at $100 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
• The pair may begin one other improve if it surpasses the $100 and $104 ranges.

Solana Worth Faces Key Take a look at

Solana worth began a recent decline after it struggled to clear the $106 stage like Bitcoin at $43,800. There was a transparent transfer beneath the $102 and $100 assist ranges.

In addition to, there was a break beneath a key bullish pattern line with assist at $100 on the 4-hour chart of the SOL/USD pair. Nevertheless, the bulls have been energetic close to the $92 stage and the 100 simple moving average (4 hours). The value is now making an attempt a recent improve above the $95 stage.

The value retested the $100 zone and the 50% Fib retracement stage of the downward transfer from the $106.41 swing excessive to the $92.95 low. SOL is now buying and selling above $95 and the 100 easy transferring common (4 hours).

Supply: SOLUSD on TradingView.com

Speedy resistance is close to the $100 stage. The subsequent main resistance is close to the $104 stage or the 76.4% Fib retracement stage of the downward transfer from the $106.41 swing excessive to the $92.95 low. A profitable shut above the $104 resistance may set the tempo for one more main improve. The subsequent key resistance is close to $112. Any extra positive aspects may ship the value towards the $120 stage.

One other Decline in SOL?

If SOL fails to rally above the $100 resistance, it may begin one other decline. Preliminary assist on the draw back is close to the $92 stage and the 100 easy transferring common (4 hours).

The primary main assist is close to the $90 stage, beneath which the value may take a look at $85. If there’s a shut beneath the $85 assist, the value may decline towards the $78 assist within the close to time period.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Energy Index) – The RSI for SOL/USD is above the 50 stage.

Main Assist Ranges – $92, and $92.

Main Resistance Ranges – $100, $104, and $112.

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