The News Crypto -
- Solana (SOL) price surged over 7%, surpassing $100 and $110 levels that previously acted as resistance.
- SOL traded between $90 and $100, but recent bullish sentiment enabled it to challenge resistance around $108.
- Continued buying pressure may lead to a breakout above $108.
The price of Solana (SOL) surged more than 7% recently, breaking above the $100 and $110 levels that had previously capped upside attempts through early 2024. The latest rally comes as the broader crypto market sustains positive momentum this month.
Solana recently traded in a range between about $90 and $100, struggling to establish a direction. But strengthening bullish sentiments this week enabled SOL to break its sideways trend and challenge fall 2022 resistance around $108 once again.
While Solana faced rejection and pulled back late last month after failing to crack resistance, persistent buying pressure has given bulls another chance to overwhelm that barrier. A daily close above the $108 zone would signal a likely continuation toward the next test at $117.
Can SOL surge to $117?
Making additional progress remains contingent on the Bitcoin and crypto markets maintaining their fledgling uptrend in the near term. But positive technicals underpin the recent Solana advance as the Moving Average Convergence Divergence (MACD) indicator on the daily SOL chart flashes a sustained upward trajectory.
If momentum pushes the price decisively past the $117 hurdle, short-term targets emerge around $125 and then 2022’s $135 peak. However, failure to overcome resistance carries the risk of a retest of Solana’s 50-day exponential moving average, which supported the recent bounce, near $100.
While history urges some caution given Solana’s repeated struggles to hold higher levels, the resilient buying witnessed this week highlights the lingering bullish conviction among token holders. Their faith now faces a new test as SOL challenges resistance once more.
But clearing the recent ceiling opens the door for Solana to surge, notably while consolidating above its 20-day moving average after regaining that dynamic support level this week. The push resumes as SOL tries to conquer the 2022 hurdles across its next leg.
This article was originally published on thenewscrypto.com
