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Solana is gaining bullish momentum above $100. SOL value is signaling a recent enhance and would possibly rally additional towards the $112 stage.

• SOL value began a recent enhance from the $93.20 assist towards the US Dollar.
• The value is now buying and selling above $98 and the 100 easy transferring common (4 hours).
• There was a break above a serious 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 Price Regains Bullish Momentum

Solana value shaped a base above the $93.20 assist zone and lately began a recent enhance. There was a good enhance above the $96 and $98 ranges.

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

Besides, there was a break above a serious 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 transferring common (4 hours).

Source: SOLUSD on TradingView.com

Immediate resistance is close to the $102.50 stage. The subsequent main resistance is close to the $105 stage. A profitable shut above the $105 resistance may set the tempo for an additional main enhance. The subsequent key resistance is close to $112. Any extra features would possibly ship the value towards the $120 stage.

Are Dips Supported in SOL?

If SOL fails to rally above the $105 resistance, it may begin a draw back correction. Initial assist on the draw back is close to the $98 stage.

The first main assist is close to the $96 stage and the 100 easy transferring common (4 hours), beneath which the value may take a look at $93.20. If there’s a shut beneath the $93.20 assist, the value may decline towards the $85 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 Strength Index) – The RSI for SOL/USD is above the 50 stage.

Major Support Levels – $96, and $93.20.

Major Resistance Levels – $102.50, $105, and $112.

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