#SolanaRising #CryptoNews #SOLPrice #Cryptocurrency #BullishMarket #CryptoTrading #BlockchainTechnology #DigitalAssets
After experiencing a minor setback, Solana (SOL) has staged a remarkable recovery. The SOL price has seen a fresh surge past the $100 resistance mark against the US Dollar, successfully nurturing a bullish market sentiment. The current trading price surpasses $105, with an impressive 10% gain noted. Such significant breakthroughs warrant this rise in market confidence, including breaking past a key contracting triangle with resistance near $104 based on the data from the 4-hour chart of the SOL/USD pair from Kraken. Provided SOL ensures a steady rise above the $118 resistance, the rally is likely to continue.
Solana notably found its support around the $93.50 mark after a slight downward correction. Establishing a solid base, SOL initiated a positive momentum surging past the $100 resistance level. The recent optimistic leap was not just a mere recovery but an outstanding performance even when compared with other market giants such as Bitcoin and Ethereum. SOL managed to eclipse the 50% Fib retracement level of the downward trajectory from the $126.13 swing high to $93.50 low, indicating a potentially stronger bullish market ahead. It is significant to note that SOL is presently trading above $105, signaling a potential upside breakthrough. With the first major resistance identified near $118, a successful surge past $125 resistance could trigger another solid uptrend.
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/09/solana2.png
Comments are closed.