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Solana (SOL) Bulls Ready To Run — One Step Away from Major Upside
As the crypto market continues to fluctuate, it appears that Solana’s (SOL) price is on the cusp of a significant upward trajectory. The digital asset has recently broken through the $120 resistance level and is poised to continue its ascent.
The recent surge above the $110-120 resistance range marks a crucial turning point for SOL investors. Not only did it invalidate the bearish trend line with resistance at $120, but it also showcases the cryptocurrency’s resilience in the face of adversity.
Currently, Solana is consolidating near the 50-day simple moving average (blue) and seems to be eyeing an upside break. However, before a substantial increase can occur, the price must first settle above the $135 zone and the aforementioned 50-day moving average.
Should this crucial level be breached, it’s likely that we’ll see immediate resistance near the $142 mark, which is just shy of the 23.6% Fibonacci retracement level of the downward move from the $295 swing high to the $95 low.
A convincing push above the $142 level could unleash a fresh surge in SOL’s price, potentially targeting the $160 resistance zone first and then the more significant hurdles at $175. If this latter scenario plays out, we may see a further increase, potentially pushing Solana towards the $195 mark and the 50% Fibonacci retracement level of the downward move.
Ultimately, if SOL can clear the $195 barrier, it could propel the asset towards the $220 and eventually the $270 marks in the coming weeks.
Source: https://coinchapter.com/solana-sol-bulls-ready-to-run-135/?utm_source=rss&utm_medium=rss&utm_campaign=solana-sol-bulls-ready-to-run-135
