Solana Bulls Look To Propel SOL Price Past $150, But All Doesn’t Seem Quite Well

By Georgi Farfarov – February 5, 2024

Solana (SOL) is one of the most crucial players in crypto. Its recent market movements have kept many on the edge, with SOL attempting to break free from the $100 zone. The burning question on everyone’s mind is whether Solana can sustain its upward momentum and secure a position above the crucial $150 mark.

The Current Scenario

SOL went on a heavy decline after facing resistance at the $106 level, similar to Bitcoin’s struggles around $43,800. The setback resulted in a dip below the $102 and $100 support levels, compounded by a break in a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair.

However, demonstrating resilience, the bulls rallied near the $92 level, supported by the 100 simple moving average (4 hours). Currently, SOL is trying to stay above $95 and build momentum for another push upwards.

Key Resistance Levels

SOL aims to overcome the $100 resistance, which is a critical level.

This may form a bullish trend and make $104 the next significant obstacle. This level corresponds to the 76.4% Fibonacci retracement level from the recent drop from $106.41 to $92.95.

A Breakthrough and Beyond

If SOL can close above the $104 resistance, the price may go even higher. Traders are closely watching the $132 mark as the following resistance level, and any further gains might propel SOL toward the coveted $150 level.

The Downside Scenario

While there’s plenty of optimism around Solana’s price potential., the crypto market is known for its unpredictability. If it fails to reach the $100 resistance, this may lead to another dump.

Initial support is around the $92 level and the 100 simple moving average (4 hours), with $90 being the first support. A drop below this level could retest $85, and a close below $85 might open the door to a dump towards the $78 support.

Technical Indicators

Examining technical indicators, the 4-hour MACD for SOL/USD is gaining pace in the bullish zone, instilling confidence in the potential for an upward movement. The 4-hour RSI (Relative Strength Index) is also above 50, signalling positive strength in SOL’s current position.

As Solana continues its journey in the crypto market, the spotlight remains on its ability to navigate key resistance levels. Traders closely monitor developments around $100 and $104, recognizing that a breakthrough or failure at these levels could shape SOL’s near-term trajectory.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Georgi Farfarov and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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