Rally

Solana

Bitcoin

Resistance

Solana is gaining bullish momentum above $110. SOL price is surging, and the bulls could soon aim for a move above the $120 level. 
<ul> 
 <li>SOL price started a fresh increase from the $95.00 support against the US Dollar.</li> 
 <li>The price is now trading above $105 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support at $109.20 on the 4-hour chart of the SOL/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to rally if it clears the $115 and $118 resistance levels.</li> 
</ul> 
<h2 id="solana-price-starts-fresh-rally">Solana Price Starts Fresh Rally</h2> 
Solana price formed a base above the $94.00 support zone and recently started a fresh increase. There was a decent increase above the $98 and $100 levels. 
The price is up nearly 10% and there was a move above the $110 level, outperforming <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-revisits-50k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rallies-2700/" target="_blank" rel="noopener ">Ethereum</a>. The bulls pushed the price close to $115. A high is formed near $114.98 and the price is showing no signs of upside exhaustion. 
It is holding gains above the 23.6% Fib retracement level of the recent wave from the $103.38 swing low to the $114.98 high. Solana is now trading above $110 and the 100 simple moving average (4 hours). 
There is also a key bullish trend line forming with support at $109.20 on the 4-hour chart of the SOL/USD pair. The trend line is near the 50% Fib retracement level of the recent wave from the $103.38 swing low to the $114.98 high. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-574792" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_ac52e4.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/SOLUSD/" target="_blank" rel="noopener nofollow">SOLUSD on TradingView.com</a> 
Immediate resistance is near the $115 level. The next major resistance is near the $118 level. A successful close above the $118 resistance could set the pace for another major increase. The next key resistance is near $125. Any more gains might send the price toward the $132 level. 
<h2 id="are-dips-supported-in-sol">Are Dips Supported in SOL?</h2> 
If SOL fails to rally above the $115 resistance, it could start a downside correction. Initial support on the downside is near the $112.20 level. 
The first major support is near the $109.20 level and the trend line, below which the price could test $105. If there is a close below the $105 support, the price could decline toward the $100 support in the near term. 
Technical Indicators 
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. 
Major Support Levels – $102.20, and $109.20. 
Major Resistance Levels – $115, $118, and $125.

SOL Price Surges To $115 – Why Solana Could Rally Another 10%

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