- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.