Solana (SOL) Breakout Setup Strengthens As Bulls Regain Full Control

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Solana started a fresh increase above the $90 zone. SOL price is now consolidating and might aim for more gains above the $96 zone. SOL price started a fresh upward move above the $90 and $92 levels against the US Dollar. The price is now trading above $92 and the 100-hourly simple moving average. There is a bullish trend line forming with support at $92.20 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could extend gains if it clears the $96.50 resistance zone. Solana Price Starts Fresh Surge Solana price started a decent increase after it settled above the $88 zone, outperforming Bitcoin and Ethereum . SOL climbed above the $92 level to enter a short-term positive zone. The price even smashed the $95 resistance. A high was formed at $96.85, and the price is now consolidating gains. There was a minor decline toward the 23.6% Fib retracement level of the recent upward move from the $87.61 swing low to the $96.85 high. Solana is now trading above $92 and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $92.20 on the hourly chart of the SOL/USD pair. Source: SOLUSD on TradingView.com On the upside, the price is facing resistance near $96.20. The next major resistance is near the $96.50 level. The main resistance could be $98. A successful close above the $98 resistance zone could set the pace for another steady increase. The next key resistance is $102. Any more gains might send the price toward the $105 level. Downside Correction In SOL? If SOL fails to rise above the $96.50 resistance, it could start another decline. Initial support on the downside 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 upward move from the $87.61 swing low to the $96.85 high. A break below the $92.20 level might send the price toward the $90 support zone. If there is a close below the $90 support, the price could decline toward the $88 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 – $94.00 and $92.20 Major Resistance Levels – $96.50 and $98.00.