Convergence

Solana

Test

Resistance

Read

<ul>
 <li>Solana overtakes Binance coin, securing the fourth spot in market cap rankings with notable rallies.</li>
 <li>SOL’s trading shows volatility between $54 and $80, with a recent 40% surge beyond resistance.</li>
 <li>Despite a strong rally, SOL faces potential bearish convergence, threatening its push to $100.</li>
</ul>
Solana token has made a substantial leap, surpassing Binance coin to secure the fourth spot in the top 100 cryptocurrencies by market cap. SOL’s journey has been marked by significant price movements, starting with a period of trading between $54 and $60, followed by a breakout that saw the price surge only to face resistance at $66.
Following this initial rally, SOL entered a sideways trading pattern, oscillating between $60 and $66. The market’s resurgence empowered the bulls to initiate a 33% jump, though they encountered a ceiling at $80. The token then entered a consolidation phase, marked by constant value fluctuations between $66 and $80.
Despite these pump-and-dump cycles, the bulls recently achieved a notable 40% increase, breaking past the $80 resistance. However, SOL’s momentum faltered before it could reach the anticipated $100 target, leading to its current trading range between $90 and $100.
Technical indicators such as the Moving Average Convergence Divergence (MACD) suggest a decreasing buying pressure, coupled with a potential bearish convergence, hinting at an impending correction in SOL’s value.
Yet, if the bulls manage to propel the token to its $100 target, SOL might continue its ascent and prepare to challenge the $105 resistance in the upcoming week.
The future of Solana in the cryptocurrency industry remains vibrant and promising. With its resilient market presence and potential to overcome resistance levels, SOL is poised for continued growth and innovation within the digital currency landscape.
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
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 <li><a href="https://cryptonewsland.com/what-could-trigger-a-surge-in-solanas-sol-price-toward-120/" rel="noopener noreferrer nofollow">What Could Trigger a Surge in Solana’s SOL Price Toward $120?</a></li>
 <li><a href="https://cryptonewsland.com/solana-explodes-with-a-200-surge-can-sol-reach-50-in-jan/" rel="noopener noreferrer nofollow">Solana Explodes With a 200% Surge. Can SOL Reach $50 In JAN?</a></li>
 <li><a href="https://cryptonewsland.com/can-solana-sol-enter-the-top-10-cryptocurrencies-in-2023/" rel="noopener noreferrer nofollow">Can Solana (SOL) Enter the Top 10 Cryptocurrencies in 2023?</a></li>
 <li><a href="https://cryptonewsland.com/solana-sol-price-analysis-july-week-3-to-4/" rel="noopener noreferrer nofollow">Solana (SOL) Price Analysis July Week 3 to 4</a></li>
 <li><a href="https://cryptonewsland.com/sol-surpasses-bnb-becomes-4th-largest-crypto/" rel="noopener noreferrer nofollow">SOL Surpasses BNB, Becomes 4th Largest Crypto</a></li>
</ul>
The post <a href="https://cryptonewsland.com/how-sols-journey-to-100-could-set-the-stage-for-a-105-resistance-test/" rel="noopener noreferrer nofollow">How SOL’s Journey to $100 Could Set the Stage for a $105 Resistance Test</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

How SOL’s Journey to $100 Could Set the Stage for a $105 Resistance Test

Crypto News Land

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