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Thursday, February 29, 2024

SOL Worth Breaks $100 – Why Solana May Pump One other 10%


Solana is gaining bullish momentum above $100. SOL worth is signaling a recent improve and may rally additional towards the $112 degree.

  • SOL worth began a recent improve from the $93.20 help towards the US Greenback.
  • The worth is now buying and selling above $98 and the 100 easy shifting common (4 hours).
  • There was a break above a significant bearish pattern line with resistance at $96 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
  • The pair may proceed to rally if it clears the $102.50 and $105.00 resistance ranges.

Solana Worth Regains Bullish Momentum

Solana worth fashioned a base above the $93.20 help zone and lately began a recent improve. There was an honest improve above the $96 and $98 ranges.

The worth is up over 7% and there was a transfer above the $100 degree, outperforming Bitcoin and Ethereum. Through the improve, the worth cleared the 76.4% Fib retracement degree of the downward transfer from the $102.46 swing excessive to the $93.17 low.

Apart from, there was a break above a significant bearish pattern line with resistance at $96 on the 4-hour chart of the SOL/USD pair. Solana is now buying and selling above $98 and the 100 easy shifting common (4 hours).

SOL Price Breaks $100

Supply: SOLUSD on TradingView.com

Speedy resistance is close to the $102.50 degree. The subsequent main resistance is close to the $105 degree. A profitable shut above the $105 resistance may set the tempo for an additional main improve. The subsequent key resistance is close to $112. Any extra features may ship the worth towards the $120 degree.

Are Dips Supported in SOL?

If SOL fails to rally above the $105 resistance, it may begin a draw back correction. Preliminary help on the draw back is close to the $98 degree.

The primary main help is close to the $96 degree and the 100 easy shifting common (4 hours), beneath which the worth may take a look at $93.20. If there’s a shut beneath the $93.20 help, the worth may decline towards the $85 help 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 degree.

Main Help Ranges – $96, and $93.20.

Main Resistance Ranges – $102.50, $105, and $112.

Disclaimer: The article is supplied for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site solely at your personal danger.

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