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Home Market & Analysis

SOL Price Breaks $100 – Why Solana Could Pump Another 10%

n70products by n70products
February 8, 2024
in Market & Analysis
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SOL Price Breaks $100 – Why Solana Could Pump Another 10%
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Solana is gaining bullish momentum above $100. SOL worth is signaling a recent improve and would possibly rally additional towards the $112 stage.

  • SOL worth began a recent improve from the $93.20 help in opposition to the US Greenback.
  • The value is now buying and selling above $98 and the 100 easy shifting common (4 hours).
  • There was a break above a significant bearish development line with resistance at $96 on the 4-hour chart of the SOL/USD pair (information supply from Kraken).
  • The pair might 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 not too long ago began a recent improve. There was an honest improve 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. Through the improve, the value cleared the 76.4% Fib retracement stage of the downward transfer from the $102.46 swing excessive to the $93.17 low.

In addition to, there was a break above a significant bearish development 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

Instant 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 might set the tempo for an additional main improve. The subsequent key resistance is close to $112. Any extra positive factors would possibly ship the value towards the $120 stage.

Are Dips Supported in SOL?

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

The primary main help is close to the $96 stage and the 100 easy shifting common (4 hours), beneath which the value might check $93.20. If there’s a shut beneath the $93.20 help, the value might 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 Power Index) – The RSI for SOL/USD is above the 50 stage.

Main Help Ranges – $96, and $93.20.

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

Disclaimer: The article is offered 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 might be suggested to conduct your personal analysis earlier than making any funding choices. Use data offered on this web site totally at your personal danger.



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Tags: BreaksPricePumpSOLSolana
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