Solana’s Price Exceeds The Overhead Resistance Of $107

Feb 12, 2024 at 14:11 // Price
Coin Idol

The price of Solana (SOL) has risen above the moving average lines, indicating a new uptrend. SOL price analysis by

Long-term forecast for the Solana price: bullish

The price of the cryptocurrency was trapped between the moving averages before a price rise. Solana price peaked at $110 and then retested $107 before starting its uptrend.

The cryptocurrency price broke through the overhead resistance of $107 but has now fallen back above the $107 support.

The uptrend will continue and reach the previous high if the current support holds. Solana will reach its previous high of $126 if the bulls are successful. That was the high on December 25 before it fell. Nevertheless, the positive momentum will continue to the high of $135. On the other hand, if the price of the cryptocurrency does not rise but falls below the moving average lines, Solana will fall and revisit its previous low of $92.

Analysis of the Solana price indicator

Solana's price bars have risen above the moving average lines after the price rally. A new uptrend has started towards the previous highs. Once the overhead resistance is broken, the upward momentum will shift to the upside. A bullish crossover has occurred on the 4-hour chart.

Technical indicators

Important supply zones: $80, $90, $100

Important demand zones: $60, $50, $40

SOLUSD_(4-Hour Chart) – FEB. 11.jpg

What is the next development for Solana?

The 4-hour chart shows that Solana is in an uptrend. The price of the cryptocurrency has broken through the overhead resistance level of $107 but has now fallen back above the $107 support. The altcoin is consolidating above the $107 support. If the current support holds, the uptrend will resume and reach the previous high. However, the value of the altcoin will decline if it loses its $107 support.

SOLUSD_(Daily Chart) – FEB.11.jpg reported on February 7 that the price movement is likely to be limited by the doji candlesticks. The altcoin was hovering above the $95 support, indicating that the price decline has paused. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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