Why Solana price can rally to $120
- Solana price has broken and closed above critical resistance zones.
- The $100 value area continues to vex bulls as SOL finds it difficult to maintain any close above it.
- A small pullback over the weekend may be necessary to generate further momentum higher.
Solana price has made very strong moves over the past two weeks, increasing over 33% from last Monday’s open. However, profit-taking and pullbacks are a normal part of any trend and should be expected.
Solana price to retest the $92 value area before beginning its next run past $100
Just two weeks ago, Solana price was up against the strongest cluster of resistance on its chart – and one of the strongest clusters of resistance out of any top ten market cap cryptocurrency. The levels that Solana price had to surpass were:
1. The Tenkan-Sen.
2. The Kijun-Sen.
3. The bottom of the linear regression channel.
4. The bottom of the Ichimoku Cloud (Senkou Span A).
5. 2022 Volume Point Of Control.
6. 50% Fibonacci retracement.
Bulls successfully pushed Solana price above and closed above those levels. Thankfully, for bulls, most of those prior resistance zones have created a substantial price range of support, specifically at the $92 area where the Kijun-Sen, Tenkan-Sen, Senkou Span A, and the 50% Fibonacci retracement. So the pullback here shouldn’t be viewed as a sign of weakness but a possible sign of strength.
SOL/USDT Daily Ichimoku Kinko Hyo Chart
If Solana price bulls want to prove that the breakout was valid and authentic, a return to the breakout zone is essential in establishing an honest breakout. If not, bears will return to the 2022 lows near $75. If support is found near $92, SOL’s next resistance zone doesn’t show until $110.
Author
Jonathan Morgan
Independent Analyst
Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.
