Last updated on February 14, 2024
#Solana #SOL #Cryptocurrency #BullMarket #Trading #Blockchain #Investing #CryptoNews
Solana (SOL) has recently sparked enthusiasm among investors and traders as its price embarked on an impressive rally. Having established a solid foundation above the $95.00 support against the US Dollar, SOL has quickly ascended, breaking past several key resistance levels. Now trading above $105 and maintaining its position above the 100 simple moving average (SMA) on the 4-hour chart, SOL exhibits strong bullish momentum. A crucial bullish trend line with support at $109.20 provides further evidence of this upward trajectory, which is further underscored by data sourced from Kraken.
The momentum of Solana’s price increase has been remarkable, with an almost 10% uptick as the cryptocurrency surpassed the $110 mark. This move not only overtook Bitcoin and Ethereum in short-term price performance but also positioned SOL close to reaching $115. The resilience of this momentum is highlighted by Solana’s stability above the 23.6% Fibonacci retracement level following a significant rise from a swing low of $103.38 to a high near $114.98. Alongside this, the presence of a supportive trend line near the 50% Fib retracement level indicates a strong bullish sentiment within the market. Resistance levels are being closely watched, with the $115 and $118 thresholds seen as pivotal points for further significant upward movements, potentially propelling SOL toward the $125 and, subsequently, the $132 levels.
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