CryptoRaja

bybit

SOL Soars Past $100, but How High Can it Go? Three Things to Watch This Week (Solana Price Analysis)

SOL Soars Past $100, but How High Can it Go? Three Things to Watch This Week (Solana Price Analysis)

Solana broke the key resistance and is preparing for higher levels.

Key Support levels: $104

Key Resistance levels: $126

1. Key Resistance Broken

The resistance at $104 finally broke and the price managed to rally briefly to $110. Since then, Solana entered a pullback and is now testing $104 as support. If this level holds, then the price has a clear path higher.

Chart by TradingView

2. Next Target

The high from late December is the current target at $126. Sellers came in strong at that price level, but they may face a stiff battle from buyers this time around, especially if momentum continues to build up.

SOLUSDT_2024-02-12_15-30-31
Chart by TradingView

3. MACD Bullish Cross

The two-day MACD has made a bullish cross and that signals a reversal in the momentum. If buyers continue to keep up the pressure, then this could turn into a sustained rally to higher levels.

SOLUSDT_2024-02-12_15-31-21
Chart by TradingView

Bias

The bias for SOL is bullish.

Short-Term Prediction for SOL Price

If Solana is successful in turning the $104 level into a key support, then bulls have a good chance to take the price to $126 next.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.