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Solana (SOL) Eyes $88 Break, Will Bulls Finally Push Higher?
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Solana started a fresh increase above the $82 zone. SOL price is now consolidating near $85 and might aim for more gains above the $88 zone.
Solana Price Rallies Over 5%
Solana price started a decent increase after it settled above the $82 zone, like Bitcoin and Ethereum. SOL climbed above the $85 level to enter a short-term positive zone.
Earlier, there was a break above a bullish flag pattern with resistance at $80.00 on the hourly chart of the SOL/USD pair. The price even smashed the $86.50 resistance. A high was formed at $87.04, and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the recent upward move from the $78.38 swing low to the $87.04 high.
Source: SOLUSD on TradingView.com
Solana is now trading above $82 and the 100-hourly simple moving average. On the upside, the price is facing resistance near $85. The next major resistance is near the $88 level. The main resistance could be $95. A successful close above the $95 resistance zone could set the pace for another steady increase. The next key resistance is $102. Any more gains might send the price toward the $112 level.
Downside Correction In SOL?
If SOL fails to rise above the $88 resistance, it could start another decline. Initial support on the downside is near the $83.75 zone. The first major support is near the $82.70 level and the 50% Fib retracement level of the recent upward move from the $78.38 swing low to the $87.04 high.
A break below the $82.70 level might send the price toward the $80 support zone. If there is a close below the $80 support, the price could decline toward the $75 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $82.70 and $80.00
Major Resistance Levels – $85.00 and $88.00.