Rally

Solana

Bitcoin

Resistance

Solana is gaining bullish momentum above $108. SOL price is showing positive signs, and it could even surpass the $118 resistance in the near term. 
<ul> 
 <li>SOL price started a fresh increase from the $98.50 support against the US Dollar.</li> 
 <li>The price is now trading above $108 and the 100 simple moving average (4 hours).</li> 
 <li>There was a break above a major bearish trend line with resistance at $108.80 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-increase">Solana Price Starts Fresh Increase</h2> 
Solana price formed a base above the $98.50 support zone and recently started a fresh increase. There was a decent increase above the $102 and $105 levels. 
The price is up nearly 10% and there was a move above the $108 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-moons-to-57k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-3250/" target="_blank" rel="noopener ">Ethereum</a>. There was a break above a major bearish trend line with resistance at $108.80 on the 4-hour chart of the SOL/USD pair. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $118.70 swing high to the $98.54 low. 
Solana is now trading above $110 and the 100 simple moving average (4 hours). Immediate resistance is near the $111 level. The next major resistance is near the $114 level or the 76.4% Fib retracement level of the downward move from the $118.70 swing high to the $98.54 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-577019" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461" alt="SOL Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Solana_855e5f.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> 
A successful close above the $114 resistance could set the pace for another major increase. The next key resistance is near $118. Any more gains might send the price toward the $125 level. 
<h2 id="are-dips-limited-in-sol">Are Dips Limited in SOL?</h2> 
If SOL fails to rally above the $114 resistance, it could start a downside correction. Initial support on the downside is near the $108.50 level or the 100 simple moving average (4 hours). 
The first major support is near the $105.00 level, below which the price could test $98.50. If there is a close below the $98.50 support, the price could decline toward the $92 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 – $108.50, and $105.00. 
Major Resistance Levels – $114, $118, and $125.

SOL Price Restarts Rally – Why Solana Could Surge Over 10%

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