Solana started a new growth from the $88 zone. The price of SOL is now consolidating near $90 and may aim to take more profit from the $92 area.
- The price of SOL started a new rise from the level of 85 and 88 dollars against the US dollar.
- The price is currently trading below $88 and below the 100 hourly simple moving average.
- On the hourly chart of the pair SOL/USD (data source from Kraken) a break was formed above the main contract triangle with resistance at $87.
- If it clears the $92 resistance zone, the pair can extend profits.
Annually, the price is re-earned
The price of Solana started a decent rise after it broke the $85 zone, like Bitcoin and Ethereum. SOL broke above the $88 level to enter short-term positive territory.
On the hourly chart of the SOL/USD pair, there was a break above the main contract triangle with resistance at $87. The price even broke the resistance of $90. A high was formed at $91.12 and the price is now consolidating gains. A slight retracement from the 23.6% Fib retracement level of the recent move up from $85.09 to $91.12.
Solana is currently trading above $88 and above the 100 hourly simple moving average. On the upside, the price is resisting near $91.20. The next major resistance is near the $92 level. The main resistance could be $95. A successful close above the $95 resistance zone could set another solid bullish momentum. The next major resistance is $100. Any further gains could send the price to the $102 level.
SOL negative fix?
If SOL fails to break above the $91.20 resistance, it could initiate another decline. Initial support on the downside is near the $88 area. The first major support is near the $87.40 level and the 61.8% Fib retracement level of the recent high from $85.09 to $91.12.
A break from the $87.40 level could send the price to the $85 support zone. If it breaks below the $85 support, the price may drop to $78 in the near future.
Technical indicators
Hourly MACD – MACD for SOL/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for SOL/USD is above the 50 level.
Key support levels are $88.00 and $87.40
Key resistance levels are $91.20 and $95.00.
