Solana (SOL) Surges Ahead but Battles the Resistance at $112

Updated:

Solana has rallied to $112.98
SOL/USD has resumed bullish momentum

Solana (SOL) Current Statistics
The current price: $112.35
Market Capitalization: $57,505,650,957
Trading Volume: $2,864,876,196
Major supply zones: $280, $300, $320
Major demand zones: $160, $140, $120

Solana (SOL) Price Analysis March 28, 2022
Solana’s (SOL) price has broken the moving averages as the altcoin battles the resistance at $112. The bulls have broken the resistance at $100 and it is approaching the high of $122. On the upside, if the bulls break the resistance at $122, the altcoin will rally to $153. Meanwhile, on March 25 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Solana will rise to level 1.618 Fibonacci extension or $114.98.

Solana (SOL) Surges Ahead but Battles the Resistance at $112
SOL/USD – Daily Chart

Solana (SOL) Technical Indicators Reading
Solana is at level 68 of the Relative Strength Index for period 14. The altcoin is in the uptrend zone but approaches the overbought region. The crypto’s price is above the moving averages indicating a possible rise in the cryptocurrency. Solana is above the 80% range of the daily stochastic. The cryptocurrency is trading in the overbought region as the altcoin risks decline. The 21-day line and the 50-day line SMAs are sloping uptrend.

Conclusion
SOL/USD is in an uptrend as bulls battles the resistance at $112. According to the price indicator, there is a possible rise of the cryptocurrency. Meanwhile, on March 25 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Solana will rise to level 2.0 Fibonacci extensions or $121.33.

Solana (SOL) Surges Ahead but Battles the Resistance at $112
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.