Solana Restarts Its Bullish Ascent as It Rises above $100

Azeez Mustapha


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Key Highlights
Solana recoups above $85 support
Solana’s bullish ascent continues

Solana (SOL) Current Statistics
The current price: $100.53
Market Capitalization: $57,386,640,888
Trading Volume: $5,674,614,183
Major supply zones: $80, $90, $100
Major demand zones: $40, $30, $20

Solana (SOL) Price Long-Term Prediction: Bullish
Solana’s (SOL) price falls after hitting a resistance level of $126 but rises above $100. The cryptocurrency fell to a low of $85 before rising back above the 21-day simple moving average. This suggests that Solana will restart its bullish ascent and return to the prior high.

On the plus side, if buyers break through the resistance at $126, Solana will advance to a high of $173. However, because the altcoin is trading in the overbought zone, additional price rises are unlikely.

Nonetheless, if the altcoin fails to break through the current high, it will tumble and begin a sideways move between the 21-day SMA and the $126 resistance. Currently, the ETH/USD is trading at $100.76 at the time of writing.

Solana Restarts Its Bullish Ascent as It Rises above $100
SOL/USD – Daily Chart

Solana (SOL) Price Indicator Analysis
Following the decline, the price bars returned above the 21-day SMA on January 3, indicating additional gains. The price bars and moving average lines are trending northward as the altcoin continues to rise. The moving average lines on the 4-hour chart are sloping horizontally after their rejection on December 25.

What Is the Next Move for Solana (SOL)?
Solana is gaining after finding support above the 21-day SMA as it rises above $100. The altcoin is falling below the moving average lines on the 4-hour chart. The price indicator forecasts that SOL will fall but will reverse at the 1.272 Fibonacci extension or $89.01 level.

On January 3, the altcoin retested and recovered from the Fibonacci level.

Solana Restarts Its Bullish Ascent as It Rises above $100
SOL/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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