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Solana (SOL) surges over 10% and gaining pace above $105. SOL price seems to be setting up for an upside break above the key resistance levels. 
SOL price started a fresh rally above the $100 resistance against the US Dollar. The <a href="https://coinstats.app/coins/solana/">price</a> is now trading above $114.7 and the 100 simple moving average (4 hours). 
<figure id="attachment_61121" aria-describedby="caption-attachment-61121" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-61121" src="https://bitcoinworld.co.in/wp-content/uploads/SOL-Price-Chart-4-483x300.png" alt="" width="525" height="326" srcset="https://bitcoinworld.co.in/wp-content/uploads/SOL-Price-Chart-4-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/SOL-Price-Chart-4.png 760w" sizes="(max-width: 525px) 100vw, 525px">
 <figcaption id="caption-attachment-61121" class="wp-caption-text">
 SOL Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
There was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair (data source from Kraken). 
The pair could continue to rally if there is a clear move above the $118 resistance. 
<h3 id="span-style-font-weight-400-solana-price-starts-fresh-rally-span">Solana Price Starts Fresh Rally</h3> 
After a downside correction, Solana found support near the $93.50 level. SOL formed a base and recently started a fresh increase above the $100 resistance. 
It is up over 10% today, outperforming Bitcoin and Ethereum. There was a move above the 50% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low.&nbsp; 
Besides, there was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair. 
SOL is now trading above $105 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $114 level.&nbsp; 
The first major resistance is near the $118 level or the 76.4% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/top-3-altcoins-to-boost-your-cryptocurrency-portfolio-in-2024/" aria-label="“Top 3 Altcoins To Boost Your Cryptocurrency Portfolio In 2024” (Edit)">Top 3 Altcoins To Boost Your Cryptocurrency Portfolio In 2024</a> 
The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally.&nbsp; 
The next key resistance is near $138. Any more gains might send the price toward the $145 level. 
<h3 id="span-style-font-weight-400-possibility-of-another-drop-in-sol-span">Possibility Of Another Drop In SOL?</h3> 
As with any volatile asset, there is the possibility of a downside correction. If SOL fails to rally above the $118 resistance, it could start a downside correction. Initial support on the downside is near the $108 level. 
The first major support is near the $100 level or the 100 simple moving average (4 hours), below which the price could test $94.&nbsp; 
If there is a close below the $94 support, the price could decline toward the $80 support in the near term. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators</h3> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.</li> 
 <li style="font-weight: 400;" aria-level="1">4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.</li> 
 <li style="font-weight: 400;" aria-level="1">Major Support Levels – $108, and $100.</li> 
 <li style="font-weight: 400;" aria-level="1">Major Resistance Levels – $118, $125, and $138.</li> 
</ul> 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote> 
The post <a href="https://bitcoinworld.co.in/sol-surges-over-10-as-solana-breaks-key-resistance-levels-aiming-new-high/">SOL Surges Over 10% As Solana Breaks Key Resistance Levels, Aiming New High</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

SOL Surges Over 10% As Solana Breaks Key Resistance Levels, Aiming New High

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