SOL/USD set to spike above $100 soon
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TL;DR Breakdown
- Solana price analysis is bullish today.
- SOL/USD is currently trading at $96
- Daily support is at $85
Today’s Solana price analysis is bullish, as we anticipate the current consolidation to come to an end with a break above $100 resistance. We think there will be considerably more upside next week if the breakout is booming today.
In our opinion, the price is heading towards a break above $100 as there are no resistance levels that can stop it from reaching that point.
SOL/USD price movement n the last 24 hours: Possible bullish reversal?
SOL/USD pair is trading at $90.32, and our candlestick pattern recognition engine already detects a bullish trend coming to the fore with 0 indicators showing a bearish trend, so we’re bullish on SOL/USD.
However, today there was considerable buying activity at this zone after a support level at $85 stopped today’s downside movement in its tracks. The price moved up to about $89 before consolidating again, forming a symmetrical triangle pattern on the hourly chart, which could lead to another breakout above yesterday’s high of $90.54 in the direction of the next resistance zone in the range between $98-100+).
Today’s SOL analysis shows that price is in a bullish trend, so we expect much more upside in SOL price next week if today’s breakout succeeds.
Hence, for this week, it seems like SOL/USD can move towards trading at the $100-$120 range, with only a few dips expected before a decisive climbing period begins to take place.
SOL/USD 4-hour chart: SOL looks to break higher?
On the 4-hour chart, the price of Solana has broken above the resistance at $85, signaling a bullish trend for today’s SOL/USD analysis.
The price is now above the 23.6% Fibonacci retracement level at $88.08, breaking towards $100 resistance.
The 100 EMA line trading at $86 positions the current price well above it, so there’s no sign of any significant downward correction any time soon.
The MACD indicator is in the bullish zone, with its signal line giving a strong buy signal after crossing above the MACD line over the weekend.
The Bollinger Bands favor further upside with them widening due to volatility.
The Awesome Oscillator doesn’t register a positive change yet, so we think it’s about to do so in favor of our prediction for $100 resistance today.
Solana Price Analysis: Conclusion
If our analysis is correct, we expect the price to hit $100 soon and trade there before another bullish movement occurs.
Next week, we expect further upside if the consolidation ends, with the target around $100+ and possibly after hitting lower resistance levels around $98-$100, which could be tested during this week (mid-week).
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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